Farmers in bid to block GrainCorp sale

Almost 300 farmers have backed calls from lobby group NSW Farmers for the federal government to block Archer Daniels Midland's bid for GrainCorp Ltd, The Australian Financial Review reports. 

According to the newspaper, farmers at the group's annual conference in Sydney called on Treasurer Chris Bowen to block the sale, partly because of concerns raised by a Senate inquiry.

Inquiry chair Liberal Senator Bill Heffernan said this week the Australian Competition and Consumer Commission should probe allegations of "intimidation tactics" in the grain market.

NSW Farmers Grains Committee chair Mark Hoskinson said his members were concerned the ACCC approved the sale without fully understanding the grain market and supply chain, the AFR reported.

The deal "is likely to further erode competition for farmers' grain and increase storage, handling and transport fees that already eat substantially into farmers' livelihoods," he said.