Investors have taken a dim view of GrainCorp’s decision to offload its stake in a Canadian agribusiness for a loss, adding to gloomy expectations for the size of the harvest of wheat and other commodities from Australia’s east coast.
Australia’s biggest agribusiness blamed underperformance at GrainsConnect Canada – a bulk grains handler co-owned with Japan’s Zen-Noh – for its decision to sell the loss-making venture.
