October 30, 2008


Russia to push up wheat purchase prices

Russia will raise the purchase prices for third-grade wheat by 8 percent to RUB 5,500 (US$207.4) per tonne, starting November 1, 2008.


Russia expects to stimulate producers and provide planned amount of purchases into the intervention state fund.


Currently, purchases started on August 19 are slower than expected, according to the authorities.


Up-to-date, 496,000 tonnes of grain have been bought, including 2,700 tonnes of third-grain wheat and 136,500 tonnes of fourth grade wheat for RUB 2.1 billion (US$79.1 million). In total, about 5 million tonnes of wheat and 3 million tonnes of fodder grain are to be bought this year.

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