The comment, attributed to Donald McFarlane (pictured), who says Archer Daniels Midland (ADM) was not a suitable owner of Australia’s largest agricultural company, GrainCorp.

“It’s a sensible and also the right decision,” he said. “I don’t believe ADM is, by Australian standards, a good corporate citizen.”

GrainCorp owns much of the grain storage, transport and export infrastructure in Australia’s eastern states, and it is investment in these facilities that concerns Mr McFarlane.

“We all complain about GrainCorp, but they do have a culture of investing in their services,” he said. “Until this week, at the last desperate moment, ADM had refused to commit to capital works and infrastructure development in Australia.”

Fiona Simson, president of the NSW Farmers Association, echoed McFarlane’s concerns, emphasising GrainCorp’s dominance of the industry.

“It’s not just the corporate history of the would-be foreign owner, but the type of asset they’re trying to purchase,” she said. “This isn’t a farm, a house, a property, but a whole supply chain.”

“We have a monopoly piece of infrastructure. To sell the entire thing to one party was certainly not going to increase competition,” Ms Simpson said.

And, according to local agronomist Paul Parker, this was unlikely to bring further infrastructure investment to the industry.

“I had big reservations about a multinational conglomerate like ADM controlling our grain industry,” he said. 

While the takeover may have brought infrastructure investment in the short term - including a promised $250 million in storage, transport and export improvements - Mr Parker said cuts might have come down the line.

“There were a lot of things left unsaid about what would happen in the future,” he said. “Would they try and recoup [investment costs] by making cuts in other areas? Would they try and shut down branch lines and silos that they considered unprofitable?”

Other local farmers expressed mixed feelings about Mr Hockey’s decision.

John Drum of Bribbaree said he could see both sides of the argument.

“It is good to be retaining the handling system in Australian-owned hands,” he said.

“On the other hand, if you’re people like ourselves who are getting to retirement age, it was an opportunity to cash your shares as part of your retirement package.”

Thuddungra farmer Jamie Watson wasn’t worried about the sale, as long as GrainCorp’s new owners kept the company publicly listed.

“If they took Grain Corp off the stock exchange, it would be under less scrutiny,” he said. 

“I think that would be a bit of a problem.”

While their takeover bid was rejected, ADM remains a major player in Australian agriculture and a significant owner of GrainCorp shares.

And Mr Hockey said he would be happy to see them expand their portfolio in other ways.

“ADM currently owns 19.85 per cent of GrainCorp,” he said. 

“I am inclined, based on current circumstances, to approve any proposals from ADM to increase its shareholding in GrainCorp up to an interest of 24.9 per cent.” 

“This would also provide a platform for ADM to build stakeholder support for potentially greater participation in the Australian industry as it develops.”