Japanese trading house Marubeni has decided to close its Australian grain business.

In a letter obtained by Fairfax Media, Marubeni Australia managing director Makoto Kajitani confirmed the company was closing its grain business in Australia. He said this was due to the company’s global grain strategy and not a result of any performance issues.

“The business has made a profit for the past three years,” he said in the letter. He said all existing contracts would be executed before the business was wound up.

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