August 25, 2005

Russia will buy up corn to support domestic prices

Russia's government said it would start buying corn at the end of August to help support domestic corn prices.

It also added that a lot more funds might be allocated if necessary, to buy more corn to support the market.

The government said a final decision on the issue would be made soon, guaranteeing that the price would be no lower than 3,000 rubles/tonne, or about US$105/tonne.