GrainCorp expects earnings in the range of $180 million to $210 million (EBITDA) for FY10

This includes equity accounted net profit from the 50pc share of the Allied Mills JV with Cargill Australia.

Managing director Mark Irwin said that drought conditions in  Queensland and NSW had reduced grain receivals in those states, but that conditions in Victoria were better than they have been for the past three seasons.

"So far the harvest in Victoria, while being slowed by rain, has met our budget expectations," he said.

"We have not seen a lot of evidence of quality downgrading in Victoria, despite the predictions that the recent rain would significantly downgrade crop quality and reduce receival tonnage.

"We are currently holding more than 900,000t of export bookings at the Geelong and Portland elevators, and this is an encouraging sign for Victorian grain exports."

The summer crop receival estimate is 600,000t which represents an average intake of sorghum for the network in Queensland and northern NSW.

GrainCorp Malt assets will be running at around 95 per cent capacity to meet the 14th November 2009 - 30th September 2010 projected malt sales volumes of between 920,000 to 950,000t.

The contribution to EBITDA for the 10.5 months is expected to be $100m to $120m.

Further guidance on GrainCorp earnings will be issued at the company annual general meeting, which will be held 24th February 2010.