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Astarta’s early crops harvest declines 28% yoy to 160 ths mt

Astarta’s early crops harvest declines 28% yoy to 160 ths mt

27 August 2010

Astarta (WSE: AST PW) collected 160 ths mt (-28% y-o-y) of early crops from 53 ths ha (-10% y-o-y) planted this year. Average winter wheat yields declined by 24% y-o-y to 3.4 mt/ha, while barley yields fell 13% y-o-y to 2.6 mt/ha, which is still 20-25% above average yields in Ukraine. Ruslan Patlavskyy: According to company management, Astarta’s wheat harvest this year contains ~80% of food quality wheat vs. ~50% in 2009, additionally increasing its monetary value. Since domestic wheat prices (2 grade, ex-works) reached USD 190 per mt (+47% y-o-y) and barley export prices skyrocketed to USD 245 per mt (+81% yoy), this should fully offset the unusually high crop loss rate for the company this year, according to our estimates.

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