GrainCorp says stronger global competition, lower commodity prices and softer margins have led the company to downgrade its profit guidance for FY24 to between $250 million to 280 million, down from the previously disclosed range of $270 million to $310 million. The company said FY24 underlying net profit after tax was expected at $60 million to $80 million, down from its previous expectation of $65 million to $95 million. The company also blamed drier weather in Western Australia for reduced grain production, volumes and margins.

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