2321 GMT [Dow Jones]--Bell Potter was pleasantly surprised by an official crop forecast for Australia's east coast. Its price target for GrainCorp rises by 5.4% to A$7.85/share in response. Government forecaster Abares projects an east coast winter crop of 27.2 million tons, up slightly on a year ago. Bell Potter analyst Jonathan Snape highlighted expectations for an 8% on-year rise in production from Victoria state. "This is somewhat surprising given Victoria had its driest May since 2005 (and seventh driest May on record) when the crop outcome was 24% below the current forecast," Bell Potter says. GrainCorp ended Tuesday at A$7.57. (david.winning@wsj.com)
(END) Dow Jones Newswires
June 03, 2025 19:27 ET (23:27 GMT)
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