Industrial Milk reports small yoy improvement in winter wheat yield

In an update on winter crop harvesting, Industrial Milk Company (IMC PW) reported an average yield of 4.43 t/ha for winter wheat, or a 5% yoy improvement. The company also noted that 90% of the harvested wheat is food grade (vs. 70% a year ago), suggesting a better pricing. IMC also reported an average winter rye yield of 3.03 t/ha.

Alexander Paraschiy: The slight improvement in wheat yields is definitely good news, taking into account the Ukrainian Agricultural Ministry’s expectation that average yields could decline up to 20% yoy across the country. IMC’s reported yield is also a positive surprise for us – we had projected a 5% yoy decline.