Latest Crop Report Positive for Storage and Logistics but Headwinds in Other Divisions of Graincorp
The September 2016 crop report from The Australian Bureau of Agricultural and Resource Economics and Sciences, or ABARES, was quite upbeat reflecting favourable seasonal conditions and good outlook for spring rain in most cropping regions. ABARES has upgraded its winter crop production forecast for 2016-17. This bodes well for GrainCorp’s Storage and Logistics fiscal 2017 outlook. We remain comfortable with our forecasts. Our AUD 7.80 per share fair value estimate is unchanged. At current levels...GrainCorp is a food ingredients and agribusiness company. Co. focuses its activities on three main grains (wheat, barley and canola). Co.'s reporting segments are: Storage and Logistics, which include grain receivals, transport, testing, storage of grains and other bulk commodities; Marketing, which markets grain and agricultural products and operates grain pools; Malt, which produces malt products, provides brewing inputs and other malting services, sells farm inputs, and exports malt; and Oils, which includes the processing and crushing of oilseeds. Co. also has a 60.0% joint venture interest in Allied Mills Australia Pty Ltd, a supplier of milled edible flour for human consumption.
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