April 13, 2011
Russia to free feed grains from the intervention fund
By the end of the current week, the quantities of freed feed grains from the intervention fund of the Russian federation will reach a total of 700,000 tonnes, announced Elena Skrynnik, Minister of Agriculture, on April 12.
Despite the irregular droughts and poor harvest, the prices of grains and flour started growing on a regular basis from mid 2010. In the current year, the government of the Russian federation began selling grain from the intervention fund for balancing of the deficit and stabilization of the market prices. Simultaneously, feed grain quantities are to be released according to applications from areas which suffered from the summer droughts whereas milling grains are sold at the exchange trades.
According to Skrynnik, the country does not have a lack of feed grains. Several regions of Russia denied purchase of intervention grains, because they had managed to resolve their issues without state assistance.
The head of the ministry noted that to date, the grain market is showing a bearish trend, and the reduction of prices is at almost 10%.