New-crop grain receivals into the GrainCorp storage network have plunged as a result of the drought in Australia’s north-eastern cropping zone. The Australian Bureau of Agricultural and Resource Economics said on Friday that wheat exports from New Zealand to Australia fell by more than half last year compared with 2014. GrainCorp is expected to receive just 30% of this year’s east coast winter crop in its system amid the forecast for stronger domestic sales.
New-crop grain receivals into the GrainCorp storage network have plunged as a result of the drought in Australia’s north-eastern cropping zone. From 5 November, total new-crop grain receivals into GrainCorp’s bulk handling network amounted to only 93,300 metric tonnes, compared with 717,000 mt delivered this time last year, and 1.2 million mt in 2016. GrainCorp is expected to receive just 30% of this year’s east coast winter crop in its system amid the forecast for stronger domestic sales.