December 8, 2011

Ukrainian grain export forecast revised down

Ukraine's Agrarian Policy and Food Ministry has lowered its forecast for grain exports in the 2011-2012 marketing year (July 2011-June 2012) from 27 million tonnes to 23-24 million tonnes.

This is due to an increase in ending bread grain stocks, said Serhiy Kvasha, the director of the Ministry's Economic Development and Agrarian Market Department.

The reduced forecast for grain exports is connected with an unfavourable situation with the winter grain area, he told reporters.

"A balance sheet was signed in November, which will be in effect until February and later revised. The amount of ending bread grain stocks was boosted to five million tonnes (earlier 2.4 million tonnes) due to unfavourable conditions for the winter that have been shaped on the market," Kvasha said.