MHP said it was on track for a "good set" of third-quarter results despite a decline in rapeseed and wheat yields, and falling prices of its meat products.

The Ukraine agribusiness giant, which farms more than twice times the area of cropland as Landkom International, said its wheat yields had averaged 5.9 tonnes per hectare, compared with 6.3 tonnes per hectare last harvest.

Its rapeseed yield fell from 3.5 tonnes per hectare to 2.7 tonnes per hectare.

Nonetheless, the group, which trumpeted its "effective land cultivation", beat the Ukraine average by a margin on both scores, and was ahead of last year's yield average so far in corn and sunflower harvests.

"MHP is on course to produce a good harvest for the year," the Kiev-based group said, adding that it had sold all its rapeseed crop forward and half of its wheat.

The company uses its corn and sunflower crops are used as feed at its livestock operations.

Downmarket shift

Meanwhile, sales of chicken meat jumped by 47% to 76,600 tonnes during the July-to-September period, spurred the opening of excess capacity, although prices fell by 4%.

"The decrease in average prices was due to Ukrainian Bacon producing… products in the mass segment, as well as the company shifting its total product portfolio mix towards low price products in accordance with consumer demand," the group said.

MHP shares closed up 9.2% at $12.28 in London, their highest finish for more than a year.