MHP, one of Ukraine's biggest farming operations, said it had avoided the production problems besetting many other growers, and forecast its yields would beat the national average by a margin.

The strawberries-to-sausages group, which holds 220,000 hectares of land, said yields from its early harvest were "favourable… across all cultivated crops", which comprise in the main corn, rapeseed, sunflowers and wheat.

Indeed, yields were on course to end up "as strong as last year's", when the group's rapeseed crop averaged 2.7 tonnes per hectare, with wheat coming in at 5.8 tonnes per hectare.

"Despite concerns over weather conditions and unfavourable preliminary forecasts across Ukraine in general, we expect our yields to be… significantly higher than Ukraine's average," MHP said.

Rain setbacks

The reports come amid decreasing expectations for the Ukrainian harvest, which has been held back by heavy rains, contrasting with the worst drought for 130 years devastating crops in neighbouring Kazakhstan and Russia.

MHP's grain growing operations are based in central Ukraine, away from the southern areas which have suffered the worst of the country's deluge.

However, the group operates fruit and poultry farms, and an integrated grain and cattle enterprise, in Crimea, the southern peninsula which has reportedly been particularly badly affected.

Gushing oil

MHP added that its volumes of chicken meat sales to external customers had risen by 30% to 85,500 tonnes during the first half of the year, lifted by fresh production capacity.

"Demand for chicken meat… remained high as consumers continued to substitute other meats with locally produced chicken," the company said.

New processing operations also boosted sunflower oil volumes by 61% higher to 95,900 tonnes, with sales prices averaging $830 a tonne, 27% higher than a year before.

Analysts at Eavex Capital said the production results were "in line with expectations", and restated a "buy" rating on MHP shares, with a price target of $22.10.

The stock closed 0.5% lower at $14.13 in London.