November 3, 2009
Russian government starts grain interventions
The Russian government had started interventions on the grain market, Agriculture Minister Yelena Skrynnik told ITAR-TASS Monday (Nov 2).
Russia bought 5,400 tonnes of third grade wheat at a price of RUB3,300 (US$112.8) per tonne from one agricultural producer in the Altai Region during the first trading session, Skrynnik said.
Russia's grain harvest amounted to 101 million tonnes in gross weight as of Monday (Nov 2), Skrynnik said.
The net weight of grain was expected to be seven-percent to eight-percent less than this amount, she added.
Agricultural producers offered 55,300 tonnes of third and fourth grade wheat on Monday (Nov 2), said Sergei Levin, head of United Grain Company, the government's agent for grain purchases.
The government has allocated RUB9.5 billion (US$325 million) for grain purchases this year, Levin said.
US$1 = RUB29.2450 (Nov 3)
