December 31, 2010

Russia prepares to sell grain on exchange

The Russian government plans to sell 400,000-500,000 tonnes of grain per month from its intervention fund on a commodity exchange with effect from January 2011, said Prime Minister Vladimir Putin.

Trading is expected to be held on a weekly basis, he said. The government is currently determining the procedure of trading and the exchanges on which the trading will be held, Putin said.

The government plans to continue selling grain to regions hit by drought, he added.

The intervention fund held 9.5 million tonnes of grain as of December 16, according to earlier reports.