FirstFarms bore witness to the threat to Europe's corn production from hot and dry weather by revealing that some of its crop was being threatened by drought - although the group cheered investors by unveiling its first profit since 2011.
The farm operator in Romania and Slovakia said that its yields from rapeseed and wheat harvests had been "higher than assumed", albeit against a market background of lower-than-expected prices.
However, the Slovakian corn crop was being "influenced by drought", FirstFarms said, adding that it was "too soon to assess the precise consequence" of damage to yield prospects.
'Significant moisture deficit'
The comments echo a caution on Monday from the European Commission's Mars agricultural unit which cut the forecast for the European Union corn yield by 0.25 tonnes per hectare to 6.97 tonnes per hectare, taking the figure below the five-year average.
The downgrade reflected in particular a "strong downward revision for Hungary" - the EU's third-largest corn-producing country, which borders Slovakia - where the yield forecast was slashed to 5.05 tonnes per hectare from 6.94 tonnes per hectare.
However, in Australia and Slovenia too "the hot and dry conditions during July caused a significant moisture deficit, which affected the growth of summer crops".
Conversely, in Romania and Bulgaria, "summer crops are benefitting from sufficient soil moisture and high temperatures", Mars said.
Commerzbank said that the downgrade was, with heat lowering corn production prospects in the US too, "yet one more piece of a puzzle that makes the beginning harvest appear less rosy than it did just a few weeks ago".
FirstFarms also revealed some disappointment at its Slovakian dairy operations from a lower-than-expected milk price during the April-to-June quarter.
Nonetheless, the group reported earnings of DKK3.13m for the period, compared with a DKK5.25m loss a year before, on revenues up 41% at DKK19.1m.
Indeed, the quarter was FirstFarms' first in the black since the last three months of 2011.
Shares in FirstFarms, which stuck by a forecast of a full-year operating profit of DKK10m-15m, soared 6.4% to DKK41.80 in afternoon deals in Copenhagen.