Landkom to increase harvest area 17% yoy in 2010

Yesterday Landkom International (LKI LN) issued a trading update for the period ending October 31, 2009. The company reported that it planted 16.5 ths ha of oilseed rape (up 13% yoy), and 5.5 ths ha of winter wheat; its total winter planting area was about 22.0 ths ha. At the same time, Landkom announced 10.0 ths ha was ready for spring planting. With the spring planting campaign, Landkom’s total harvest area for 2010 will increase 17% yoy to 34.0 ths ha. Landkom said it expects both its 20.0 ths mt storage facility in Lviv and to-be-constructed 20.0 ths mt facility in Ternopil to receive third-party grains in 2010. Landkom plans to use the GBP 9.75 mln it raised recently to fund spring planting and provide working capital up until harvest 2010.