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Ukraine’s Wheat Stockpiles to Quadruple by July, Deputy Says

Ukraine wheat carryover stocks will quadruple by July 1 as exports were “insufficient” last year, said Mykola Bezuhlyi, deputy agriculture minister.

“Wheat carryover stock will be higher because of an insufficient export pace,” Bezuhlyi told reporters today in the capital Kiev, adding inventories may reach between 7 million to 8 million metric tons. That compares with 1.9 million tons on July 1, 2011, according to data from the state statistics office.

Total grain carryover stockpiles will “clearly exceed 10 million tons as of July 1,” he said. They were 4.3 million tons a year ago, statistics office data shows.

Ukraine’s 2012 wheat harvest is expected to be 14 million tons, Mykola Prysyazhnyuk, agriculture minister, said yesterday. That compares with 22.3 million tons in 2011, according to the state statistics office.

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