Australia’s biggest wheat exporter has delivered a record profit on the back of a bumper harvest, followed by what it describes as the greatest volatility in global markets since 1914 and the start of World War I.
A spike in global grain prices and warnings about food supply stemming from Russia’s war on Ukraine worked in favour of the CBH marketing and trading arm as international customers clamoured to secure wheat, barley and canola.
CBH said it paid $43 million in demurrage fees as shipments were delayed by factors that included port absenteeism caused by COVID-19 and a shortage of truck and train drivers in WA. The division accumulated 50 per cent of the record crop and paid a record $5 billion to WA growers during the year.CBH chief financial officer Stewart Hart said the results came amid the most volatile year in five decades in global grain markets, and the most volatile for wheat since the start of 1914 as the world braced for war.
CBH chief executive Ben Macnamara, who replaced former BHP iron ore boss Jimmy Wilson in the top job in 2021, said the record profit was achieved against a backdrop of the COVID-19 pandemic, global supply chain disruptions, the Ukraine conflict, and severe labour shortages in WA. CBH expects China to be a big wheat buyer again this year, but Mr Macnamara said it didn’t see a breakthrough on barley any time soon, despite an apparent thaw in relations.
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