ProAgro Group analysts considered the official data of the State Statistics Dervice on the current production of early grain and rapeseed, as well as adjusted their prognosis relative to current weather conditions. According to the updated estimate, wheat production was reduced by 1% and barley by 4%, while rapeseed production was increased by 4% compared to our previous forecast.
Regarding maize, we have increased both the acreage under cultivation and the estimated harvesting area, since the condition of the crops (excluding excessive moisture) is currently good and satisfactory. At the same time, there is a high probability that up to 2% (about 110 thousand hectares) of corn crops may remain in the field, since due to moisture and high costs for drying, farmers are still postponing harvesting. Despite the fact that as of the beginning of October, the average corn yield in the country is kept at 53 c/ha, we left our forecast at 71.4 c/ha level unchanged so far.
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