Australia's Graincorp tops ASX 200 on soaring wheat prices

Graincorp

31/10/2022 02:55

** Graincorp' shares  GNC.AX  up 7.8%, set for best day
since Feb. 7 if gains hold and erasing YTD losses
    ** The agribusiness co climbs in tandem with 5.5% jump in
Chicago wheat futures as Russia's withdrawal from a Black Sea
export deal fans worries of global grain supplies  urn:newsml:reuters.com:*:nL1N31W035
    ** Supply constraints due to conflict in Ukraine helped GNC
post five-fold jump in H1 profit in May  urn:newsml:reuters.com:*:nL3N2X24LI
    ** Co has since raised FY22 profit forecast on the strong
demand for grains and vegetable oils  urn:newsml:reuters.com:*:nL4N2ZL4H8
    ** Shares climb as much as 8.8% to A$8.440, highest since
Oct. 19
    ** Stock erases YTD losses of ~5% and are now up ~2.6%
 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))