Ann: GrainCorp Investor Presentation 1H23, page-26

the Kansas chicago spread is a widow maker, but largely irrelevant to global milling wheat supplies. it's a domestic US problem. HRW was already priced out of export markets and now just further distancing from any export sales

ok that's a good pickup considering you're probably not in the industry. there were a lot of losses that year.
there's risk in everything, but you're right in the last two massive export years they haven't needed to trade large positions because they can just buy grower tonnes, make a fob/cnf sale, load them on a boat and make 50+ aud a tonne with minimal risk. but now that margin has disappeared gnc(and everyone else) will have to take a view and trade it more aggressively.