August 8, 2012

Kernel Group forecasts a reduction of Ukraine's 2012 grain harvest by 19.8% to the level of 45.5 million tonnes.

According to the company announcement, in particular, the wheat harvest is expected at the level of 15.6 million tonnes, against 22.3 million tonnes last year, corn - 21 million tonnes, against 22.8 million tonnes, barley - 6.9 million tonnes, against nine million tonnes.

Kernel also believes that the harvest volumes of oilseeds in Ukraine in the current year will reach 12.6 million tonnes, as opposed to 12.88 million tonnes in 2011. In particular, the company forecasts reduction of sunflower seed production from 9.28 million tonnes last year to 8.9 million tonnes in 2012, and rapeseed - from 1.4 million tonnes to 1.2 million tonnes. At the same time, the estimated harvest volumes of soy will grow from 2.2 million tonnes to 2.5 million tonnes.

In addition, Kernel expects for the grain export from Ukraine in 2012-13 marketing year (July-June) at the level of nearly 20 million tonnes.

According to forecasts of the Ministry of Agrarian Policy of Ukraine, the harvest of grains in 2012 will total 45.3 million tonnes. The expert and official forecasts were adjusted several times, due to adverse weather conditions - drought and abnormally high air temperatures.

In 2011, the country produced the record grain harvest at the level of 56.7 million tonnes.

Kernel Group is the vertically integrated national company, operating in the agro-industrial sector of Ukraine since 1994. The company produces sugar, sunflower oil, realises distribution of bottled sunflower oil through the country under the trademarks "Shchedryi Dar", "Stozhar", "Chumak Zolota", exports of grains and oils, provides storing services for grains and oilseeds at own elevators, and deals with agricultural production. The agro-industrial complex of Kernel includes nearly 70 agricultural enterprises, the land bank totals 210,000 hectares of planting areas.