March 15, 2012

Russia suspends state grain purchases 

Russia has halted grain intervention buying for an indefinite period, the country's Agriculture Ministry said Wednesday (Mar 14).

The ministry said the interventions had served their purpose, ensuring price stability in the Urals and Siberia.

The government originally intended to buy in the current marketing year 1.4 million-1.5 million tonnes of intervention grain from farmers in Siberia and the Urals. The farmers will be able to buy the grain back from the government later if market prices rise.

To date the government purchased 419,310 tonnes of intervention grain, including 308,880 tonnes of third-grade soft milling wheat and 110,430 tonnes of fourth-grade soft milling wheat.