Australia, Canberra: Australia’s GrainCorp Ltd., marketing, malting and logistics concern announced on December 16 it has again revised down its forecast of grain intake from winter crops now being harvested, in part due to wet weather, according to Dow Jones.
GrainCorp, which dominates grain logistics in eastern Australia, now estimates its intake at 9.5 million metric tons, down from of 10.5 million tons a month ago and down from a September forecast of 13.0 million tons. The latest reduction "reflects the impact of ongoing inclement weather, which has resulted in damage to the overall crop," GrainCorp said in a statement. "Some areas have suffered from excessive rain and in limited cases hail, which has caused damage and quality deterioration to mature crops," it added.
The harvest of winter crops has finished in northern areas but is still underway in southern New South Wales and Victoria. GrainCorp reported it has received about 7.0 million tons into its system thus far. Its 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'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.
The company also said widespread rain in growing areas in Queensland and northern New South Wales "provided an excellent moisture profile for summer crops." "At this stage, summer crop prospects in the eastern states are significantly better than they have been for several years," it said.
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