January 18, 2010

Russia to end grain interventions on January 31

Purchasing interventions on Russian grains will end on January 31, declared Elena Skrynnik, the Minister of Agriculture of Russia.

The government started grain purchases from November 2, 2009, with the first exchange auction of 2010 taking place on January 12.

The government has purchased 1.22 million tonnes of third-grade wheat for RUB5 billion (US$168.8 million), 277,970 tonnes of fourth-grade wheat for RUB983.85 million (US$33.2 million) and 62,100 tonnes of milling rye for RUB147.5 million (US$5 million).

During the previous intervention purchases in 2008-09 marketing year, the government purchased 8.06 million tonnes of grains for RUB38.6 billion (US$1.3 billion).