Agriculture

Trigon Agri [TAGR OMX, N/R], an international agricultural company that operates land assets in Ukraine, Russia and Estonia, with a land bank comprised of 144 thsd ha in Ukraine and Russia, released financial results for 1H08

The Kernel Group [KER PW, N/R], a bulk oil and grain trader, released its 4Q 2007/2008 consolidated financial results: net revenues soared 89% YoY to USD 663.1 mln, EBITDA surged by 172% to USD 126.0 mln, and net income increased by 4.3 times to USD 80.8 mln.

According to an official press release made by the Minister of Agriculture Yuriy Melnik, the Ministry upgraded its forecast for the year’s harvested grain crops by 5.7 mln to 48.7 mln. Moreover, Ukraine is going to export 22.6 mln mt of grain in the 2008/2009 marketing period.

Astarta [AST PW, BUY] harvested 262 thsd mt of early grains on an area of 59.5 thsd ha. The average yield of winter wheat is 5.2 mt per ha (+ 51% YoY), the average yield of winter barley is 4.0 mt per ha (+39% YoY) and 3.9 mt per ha for spring barley (+ 68% YoY).

The new sugar season will begin on September 2008. Only 64 sugar plants will be able to process sugar beet this season. That is the lowest rate witnessed in the last ten years. The shrinking sugar offer will drive sugar prices up.

Astarta [AST PW, BUY] published its consolidated report for the 1H08. The group's revenues grew 48% YoY to EUR 22.7 million.

Astarta [AST PW, BUY]. As of August 5, 175 thsd tons of crops of the new production season were harvested on an area of 36 thsd hectares.

According to Analytical Agency the Agriculture, after analyzing statistical export data in July, Ukrainian forage crops – corn, wheat and barley - exported at above average global prices. Corn prices DAF (delivered at frontier) slated between USD 260-USD 290 per mt.

Astarta [AST PW, BUY] released an update on its harvest progress.

Last weekend, on July 25-26, heavy rainfall caused over-flooding in Western Ukraine, resulting in property and crops being damaged.