GrainCorp Ltd (ASX:GNC) has boosted its outlook for the current financial year for grain received to 14 million metric tonnes and says future growth will be underpinned by Asian demand.
The agricultural focussed company has reported 13.3 million tonnes of grain received in the year to date and also lifted its grain export guidance to between 6.5 to 7.5 million metric tonnes in fiscal 2011.
However, GrainCorp advises that final grain volumes will depend on ex-farm deliveries after harvest and summer crop prospects in addition to the recent rain and floods impacting a late and disrupted harvest.
GrainCorp says that world wheat consumption has more than doubled in the last 30 years with population growth driving demand.
GrainCorp posted a net profit of $80.2 million in the year to 30 September 2010.
GNC Price at posting:
$7.54 Sentiment: None Disclosure: Held
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