FRANKFURT, (Reuters) – German diversified company Bayer (OTC) said Monday that it had seen a successful “start to the year” thanks to favorable agricultural market conditions.

“In agriculture, especially, we see an even more positive market climate than previous years,” said Chief Executive Werner Baumann in Monday’s written speech. The address was posted to the company’s website.

This speech is scheduled to be given at Friday’s annual shareholder meeting

According to the maker of pesticides and seeds for farmers, the effects of war in Ukraine on the economy and the sanctions against Russia were not visible yet in the first quarter.

Bayer will release details for the first quarter figures in May 10