May 27, 2009
Russia completes 2008 grain intervention purchases
Intervention purchases of grain harvested in 2008 by the government have been completed, with 9.6 million tonnes purchased from farmers at a total cost of RUB46 billion (about US$1.5 billion), Agriculture Minister Elena Skrynnik said Tuesday (May 26) as quoted by the government press service.
Skrynnik said the intervention purchases had stabilised prices on the domestic market and laid a sound foundation for the financing of this year's harvest by the farmers.
The bumper harvest in 2008 caused prices to plummet at the end of year so the government increased the amount of intervention grain purchased on the domestic market to ensure sufficient profits for farmers.
