ASX 200 stock Graincorp Ltd (ASX: GNC) has raced ahead of the S&P/ASX 200 Index (ASX: XJO) in 2024.

And the agribusiness and processing company could be well-positioned to continue offering benchmark beating gains.

In early afternoon trade today, the Graincorp share price is up 1.7% at $9.25.

This sees Graincorp shares up 28.4% year to date. That's more than three times the 7.8% gain posted by the ASX 200 this calendar year.

The ASX 200 stock also delivered 54 cents a share in fully franked dividends over the past 12 months. At the current share price, Graincorp stock trades on a trailing dividend yield of 5.8%.

Here's why MPC Markets' Mark Gardner thinks the agribusiness company has more potential outperformance to offer (courtesy of The Bull).

Graincorp share price could enjoy ongoing tailwinds

Gardner has a buy recommendation on the ASX 200 stock.

"Favourable weather conditions for winter and summer crops could generate near record volumes, particularly given minimal risk of an El Nino weather event until 2027," he said.

Gardner added:

Advances in farming technology have boosted crop yields, which benefits GNC's volume-based business model. The agriculture sector's favourable outlook, coupled with its defensive nature, offer resilience against broader market weakness.

What's the latest from the ASX 200 stock?

The last price-sensitive news from Graincorp was on 16 May, when the ASX 200 stock reported its half-year results for the six months ending 31 March.

Investors sent the Graincorp share price up 0.9% on the day and another 4.7% the day after its half-year report, despite some mixed metrics.

On the negative side, underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) plunged 57% year on year to $164 million.

Much of that earnings hit was driven by a big fall in Graincorp's Agribusiness EBITDA. Management noted that global grain market conditions hit its Agribusiness segment amid increasing global production, commodity price declines and moderating global trade flow risks over the six-month period.

On the plus side, the company's core cash holding increased by $146 million year on year to $495 million. The fully franked interim dividend of 24 cents per share was in line with the prior interim dividend.

And Graincorp maintained its FY 2024 guidance (for the 12 months through to 30 September).

The ASX 200 stock forecasts underlying EBITDA of $25 million to $280 million and underlying NPAT of $60 million to $80 million for its full financial year.

"Despite the moderation in industry conditions in FY 2024, the long-term fundamentals of the agriculture sector remain strong," CEO Robert Spurway said at the time.