FRANKFURT (Reuters) – German diversified group Bayer has seen a “very successful start to the year”, driven by a favourable environment in agricultural markets, it said on Monday.

“In the agriculture business, in particular, we see a much more positive market environment than in previous years,” Chief Executive Werner Baumann said in a written speech posted on the company’s website on Monday.

The speech will be delivered at the annual shareholder meeting scheduled for Friday

The maker of seeds and pesticides for farmers added that the economic consequences of the war in Ukraine and sanctions imposed on Russia had not yet been visible in the first quarter.

Bayer is due to release detailed first-quarter figures on May 10.

(Reporting by Ludwig Burger; Editing by Jan Harvey)