Australia: Marketing, malting and logistics concern GrainCorp Ltd. Wednesday, 24 November 2004, again revised down its forecast of grain intake from winter crops now being harvested. GrainCorp, which dominates grain logistics in eastern Australia, now forecasts its intake at 10.5 million metric tonnes, according to Dow Jones.
This is down from an estimate of 11.5 million tons a month ago and also from a September forecast of 13.0 million tons. Crop yields in western New South Wales and Victoria states, where the harvest is now beginning, "are below expectations following hotter- and drier-than-average conditions in October," the company said in a statement. GrainCorp's long-term average for receivals from winter crops is 12.0 million tons. The main winter crop is wheat, but substantial quantities of barley and canola are also produced.
GrainCorp said the harvest of winter grains in Queensland is complete, with the company receiving 1.1 million tons of grain, in line with expectations. Crop prospects in northern New South Wales also have met expectations, with good yields in many areas, it said. Recent rain in these areas will boost plantings of summer crops, with sorghum plantings now mostly complete across all these areas, except in central Queensland, it said. Harvest continues throughout New South Wales and Victoria over the next six weeks, the company reported. About 4.3 million tons of grain has already been received.
GrainCorp's intake forecast can't be taken as a proxy for production in the area. Other logistics providers store grain, while some grain is sent direct to end users and some is stored on farms.
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