KYIV: Ukraine's economy ministry and traders agreed that wheat exports should not exceed 17.5 million tonnes in the 2020/21 marketing season, which started in July, the ministry said on Monday after signing its annual memorandum with traders.

The ministry and traders sign a memorandum each year to determine how much wheat can be exported in the marketing season.

In the document, traders promise not to exceed the agreed export volumes while the ministry pledges to keep export rules unchanged.

Ukraine exported 20.5 million tonnes of wheat in the 2019/2020 marketing season which ended in June.

Ukraine, a leading global grain producer and exporter, harvested a record 75.1 million tonnes of grain in 2019 but output could fall to 72.1 million tonnes this year because of poor weather.

The ministry said the volume could be revised in the fourth quarter "subject to weather conditions and final wheat production statistics".

The country had collected 25.5 million tonnes of wheat from 96% of the sown area as of Aug. 13.

Ukraine last year harvested 28.3 million tonnes of wheat.