April 11, 2012

Russia to sell state fund grain till June 2012

As part of its grain market intervention, the Russian government intends to sell grain from the state fund until June 1, 2012, Agriculture Minister Yelena Skrynnik said Tuesday (Apr 10).

The state has sold 232,300 tonnes of grain worth RUB1.2 billion (US$40 million) since grain market intervention got under way in 2012, the minister said.

Weighted average prices of grain sold from the state reserves amount to RUB4,374-6,424 (US$147-215) per tonne depending on the type of grain and harvest year.

The market prices for grain are gradually in decline, the minister noted.