Despite fears of Ukraine's grain harvest decline, the country' s Agricultural Ministry lifted its grain export forecast Wednesday to 26 million tons for the 2011-2012 marketing year from 23.5 million tons previously.

"Despite the projected decline in grain yield to 47.2 million tons in 2012 from 56.7 million tons last year, we expect an increase in exports," the ministry has said in a press-statement.

Ukraine will be able to increase the external supply due to large carry-over stocks which were estimated at 12.6 million tons as of July 1, 2012 when the new season starts, the ministry said.

Ukraine' s domestic consumption will stand at about 28 million tons next marketing year, it said.

Thus, the country has the potential to ship abroad around 8.3 million tons of wheat, 1.7 million tons of barley and 15 million tons of corn, according to the Agriculture Ministry.

Currently Ukraine is one of the world's largest cereals exporters, selling to some 50 countries. The country' s grain exports had almost doubled as of June 6 to 20.26 million tons from a total of 10.6 million tons a year earlier.