GrainCorp (ASX:GNC) is facing margin pressure amid near-record global grain output, resulting in a slight trim to margins, according to a Wednesday Jefferies note.
While margins remain subdued in the near term, Jefferies believes conditions could improve at any time.
The investment firm lowered its forecast for receivals to 11.5 million tonnes from 12.5 million tonnes.
Jefferies maintained a buy rating on GNC and reduced its price target to AU$9 from AU$9.30.