ProAgro ups Ukraine 2020 grain crop forecast to all-time high 76.15mln T

Traders however expect a smaller harvest

  

KYIV- Ukrainian ProAgro consultancy revised up its domestic 2020 grain harvest forecast on Thursday to an all-time high of 76.15 million tonnes from the previous estimate of 74.23 million.

In a statement, ProAgro said it had increased its 2020 wheat harvest outlook to 26.59 million tonnes from 26.07 million and corn to 38.86 million tonnes from 38.49 million.

The consultancy also increased its barley harvest forecast and revised the area sown to barley, peas, corn, oats and millet.

"The current yield of early cereals is better than last year. We increased the forecast of grain production in the country compared to our July estimate by 2.6% or 1.9 million tonnes," ProAgro said.

Ukraine harvested a record 75.1 million tonnes of grain in 2019.

Traders however expect a smaller harvest.

"We see a slight reduction in the harvested area compared to sown and a significant decrease in yield compared to the previous year," said Elena Neroba, analyst of Maxigrain Ukraine.

She said had revised down the 2020 wheat harvest outlook to 25.3 million tonnes from the previous 25.7 million. The harvest of corn could total 38 million tonnes compared to the previous estimate of 38.5 million tonnes.

The government issued its grain crop forecast of 68 million tonnes two months ago and since then has not revised it.

(Reporting by Pavel Polityuk; editing by David Evans and Mark Heinrich) ((pavel.polityuk@tr.com; +380 44 2449150; Reuters Messaging: pavel.polityuk.thomsonreuters.com@reuters.net))

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