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GrainCorp Flags $29M Earnings Hit

Australian company says drought has wilted summer crop production

Large Logo Graincorp

Australia’s GrainCorp Ltd. said on Thursday it will take a $28.7 million hit to half-year earnings, blaming international trade tensions and a severe drought, sending its shares to a three-week low.

Reuters reports the country’s largest listed agribusiness did not give further details, but industry sources said there had been a slowdown in Chinese demand for barley as Beijing considers whether to introduce tariffs on Australian supplies.

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