GrainCorp expects to make a full year profit of between $80 million and $100 million with recent large harvests offset by poor seasonal conditions in Queensland and NSW.

The company will tell shareholders at its annual general meeting in Sydney on Tuesday morning that its expectation for net profit before significant items for 2014 will still depend in large part on the extent of the drought.

If achieved, the result would be a significant drop from the $175 million net profit before significant items made in 2013.

GrainCorp said the guidance would still depend upon the volumes of grain received during the second half, the duration and impact of the drought, and foreign exchange rates.