BMI View: We maintain our view that the Romanian grains sector has high growth potential due to itscompetitiveness and exposure to the Middle East and Asia. In addition, the sector's exports will benefit fromthe abundant supply of wheat and the expected reduction of neighbouring Ukraine's export capacity of thecrop. We believe that the country's poultry sub-sector will continue to perform well across our forecastperiod to 2020/21, outperforming the rest of the livestock sector in terms of both production andconsumption, owing to strong demand from Romania's population, and strengthening in terms of productionby an average rate of 2.0% y-o-y across our forecast period. This view was reflected in the upwardsrevision we made for each full-year period between 2016/17 and 2020/21 for Romania's poultry output inour Q217 update. Elsewhere, milk production will see limited growth after the EU quota removal in March2015, while the sugar sector will moderately benefit in terms of production, which we have revised upwardslast quarter, following the removal of quotas in 2017.