October 9, 2012

Russian Federation's Vice Prime Minister Arkady Dvorkovich declared on October 8 that commodity interventions on the grain market of Russia will begin on October 23, 2012.

He also noted that the interventions will be carried out in the Siberian, Urals and Far Eastern Federal Districts at the level of 110,000 tonnes of grains every week, the grain volumes will be sold to flour milling plants and animal feed producers in the above-mentioned regions.

While speaking about the starting prices, A.Dvorkovich said that "in the beginning they will be lower by nearly 10-15% compared to the current prices: RUB7,200 (US$231) per tonne for four-grade wheat, RUB7,600 (US$244) per tonne for three-grade wheat.

The Ministry of Agriculture of Russia plans to sell nearly 500,000 tonnes of three-grade wheat during the grain interventions, informed Ilya Shestakov, Deputy Minister of Agriculture, on October 2.