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November 17, 2011

 

Russia to purchase grain to supplement stocks

 
 

To add to its intervention stocks, the Russian government will start purchasing grains on November 28, the Agriculture Ministry said on Wednesday (Nov 16).

 

Russia regulates prices with intervention tenders, selling grain from its stocks when prices are high and buying it when they are low.

 

In a difference from previous tenders, producers will be allowed to buy grain back if prices rise, the ministry said in a statement.

 

It said the grain will be bought from regions located far away from export ports, such as Siberia and the Urals, where price levels are close to the top prices set by the government for intervention purchases.

 

The government has said that it may buy 1.4-1.5 million tonnes of grain for its stocks.

 

It said it may start purchase tenders if the price for benchmark third-grade milling wheat declines to RUB4,700 (US$153.24) per tonne in the Asian part of the country.

 

Support prices for fourth-grade wheat were set at RUB4,450 (US$144.8) per tonne, for fifth-grade wheat at RUB4,100 (US$133.4) per tonne.

 

The price of milling rye was set at RUB3,900 (US$ 126.9) per tonne, feed barley at RUB4,000 (US$130.2) and corn at RUB4,400 (US$143.2) per tonne. All prices include a 10% value-added tax.

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