Hockey's game missed the goal

That sounds right. Grain handling and marketing are fundamental to ADM. Having paid top dollar for GrainCorp, it would have been certain to have wanted to receive every tonne of grain available.

Those who lobbied for the Treasurer to block ADM's acquisition of GrainCorp were clearly not thinking of the changing nature of the company and how this would affect things if the deal did not proceed.

Now they can see: GrainCorp may still be the biggest grain storage and handling operator on the east coast, but its focus is on generating returns for shareholders, not grain growers. It is investing to achieve the best return, not where history might suggest.

The decision to block ADM's takeover of GrainCorp was always wrong in principle. Governments should keep their noses out of market activities. But it was also wrong in practical terms. The company is no better for it and if it was meant to benefit Australian farmers, it is becoming clear it won't do that either.