Yields of late crops down 23%-41% yoy as of Sept. 14

Ukraine’s Agricultural Ministry released an early harvest update for some late crops: sunflower yields (with 39% of total area harvested) declined 41% yoy to 1.44 t/ha, soybean yields fell 24% yoy to 1.49 t/ha (from 23% of total area) and corn yields declined 32% yoy to 3.45 t/ha (data from 12% of total area). Yields for sugar beet (data from 5% of area) declined just 2% yoy to 34.9 t/ha. The ministry’s report on early crops, harvesting of which was completed in August (wheat, barley, rye, rapeseeds), indicated a 15% yoy decrease in yields.

Alexander Paraschiy: The recent statistics look discouraging for companies focused on sunflower and located in the southern and eastern regions of Ukraine (which have harvested most of the late crops so far): Agroton (AGT PW) and KSG Agro (KSG PW). While KSG Agro already officially downgraded its sunflower harvest forecast (now expecting a 20% yoy decline in yields), Agroton has yet to present its outlook. The yield data for corn, the main crop for Industrial Milk Company (IMC PW), as well as for sugar beet, the key crop for Astarta (AST PW), are not representative for companies due to the small area harvested so far.