Analyst cuts Ukraine's wheat exports forecast

Analyst UkrAgro Consult cut its forecast for Ukraine's 2011/12 wheat exports to 7.6 million tonnes from the previous estimate of 9.7 million tonnes, it said on Friday. The consultancy said in a report that Ukraine, which harvested 20.6 million tonnes of wheat in clean weight this year, was likely to increase its year ending stocks to about 5.0 million tonnes and not 2.9 million tonnes as it had previously expected.
UkrAgroConsult said Ukraine had exported 2.15 million tonnes of wheat in the first five months of the season which goes from July to June. The Farm Ministry said this week the former Soviet republic had harvested 22.4 million tonnes of wheat in clean weight in 2011 against 16.8 million tonnes in 2010.