On Tuesday, the national commodity forecaster ABARES pegged Australia's 2019/20 winter crop production for New South Wales, Victoria and Queensland at 11.44 million tonnes, reports ABC.net.
In June last year, GrainCorp signed a 10-year contract with White Rock Insurance, to help manage the ups and downs of Australia's cropping seasons.
Under the agreement, if east coast grain production dips below 15.3m tonnes, GrainCorp gets a payout.
If the harvest is above 19.3m tonnes, GrainCorp makes a payment to White Rock Insurance.
The company expects to receive 90% of the payment by March this year.
