February 7, 2012

Food Contract Corporation to buy three million tonnes more grain

Kazakhstan's state-owned Food Contract Corporation will acquire an additional three million tonnes of grain from the local market.

In late August, the Food Contract Corporation started the purchase of five million tonnes of grain inside the country for a price of KZT25,000/tonne (US$168.18).

The price of the additional purchase equaled KZT16,500 (US$111). A bit more than 100 KMT was bought, and the price will be raised to 20,000 or 21,000 now. The final level will be known after an agreement with the Agriculture Ministry. The market price for grain has hiked to KZT19,000/tonne (US$127.82) by now.