"Whilst it's very difficult to predict exactly what's going to happen in the Black Sea, it's certainly our view that it's going to be disrupted for a significant period of time," Graincorp Managing Director Robert Spurway said.

"It could run to several years, given the very disruptive hostilities on the ground in Ukraine, the infrastructure in that country that's been damaged."

Ukraine and Russia together account for about 30% of the world's wheat trade.

Spurway was speaking to analysts after the company reported a record half-year result and said it was on track for a "an exceptional result" for the full year.

(Reporting by Sonali Paul; Editing by Tom Hogue)