GrainCorp Slides to Biggest Loss Since 1998
Drought shrivels output for Australian company
Australian bulk grain handler GrainCorp on Thursday warned of an even weaker crop outlook for 2020, after the drought that has ravaged farms across the country’s east coast slashed output and pushed it to its biggest loss since 1998, reports Reuters.
GrainCorp’s warning, echoing those of firms like pesticides and crop seeds maker Nufarm Ltd. and dairy produce supplier Bega Cheese, comes as wild bushfires plague the region.
After three years of extreme drought, the east coast is now forecast to swelter through at least three more months of dry and hotter-than-normal conditions.