major U.S. grain companies invest in web site

by Emily Wilson
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Grainco Australia, the privately-owned bulk commodity and trade group in Queensland, has won out over three other bidders to acquire the grain trading rights of the bankrupt New South Wales Grains Board for A$25.2 million (U.S.$13.1 million).

In announcing it had secured the contested bid, Dave Woodall, Grainco Australia chief executive, said the acquisition would provide sound returns to the business, doubling the company's trading business and offering the potential to more than double the company's turnover.

The NSWGB, a state enterprise that held monopoly trading rights for the state's grain production, was declared insolvent in August, when losses of A$20 million were announced. Losses for the year ended Aug. 31 subsequently were announced at up to A$50 million.