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AUSTRALIA'S GRAINCORP RAISES WINTER CROP FORECAST.
SYDNEY, Oct 1 Asia Pulse - GrainCorp Ltd (ASX:GNC) today raised its forecast for its winter crops.
The grain marketer said it now expects to receive 11.1 million tonnes of grain for the coming harvest of winter crops.
The forecast is an increase on the nine million tonne estimate the company made on July 23 and compares to the 1.6 million tonne winter crop received at the end of the 2002/03 harvest.
GrainCorp still expected to suffer a net loss of $A19 million ($US12.89 million) to $A20 million ($US13.57 million) for the year to September 30, 2003.
However, the company noted that the new forecast includes newly acquired operations in Queensland and so represents no change on the combined forecast it provided last month for those areas.
GrainCorp said the harvest had already commenced in Queensland and will begin later this month in the north of NSW and finish in the southern parts of Victoria in January.
"The forecast of 11.1 million tonnes is based upon average conditions for the rest of the growing period," it said.
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Source: HighBeam Research, AUSTRALIA'S GRAINCORP RAISES WINTER CROP FORECAST.