November 30, 2012

 

Grain prices in European part of Russia to stabilise soon

 

 

Grain prices in the European part of Russia will soon become steady.

 

"Grain interventions allowed us to stabilise prices in the Asian part of Russia. The price growth in the European part has slowed significantly and we expect prices to stabilise within the coming weeks," Deputy Prime Minister Arkady Dvorkovich said on Thursday (Nov 29).

 

According to the Grain Producers Union, wheat prices rose by RUB100-250 (US$3.24-8.1) to RUB8,500-10,500 (US$275-340) per tonne in the Central Federal District in the week between November 19 and November 23. In the Southern Federal District, prices rose by RUB200 (US$6.5) to RUB8,000-10,000 (US$259-324) and in the Volga Federal District by RUB300-350 (US$9.7-11.3) to RUB8,000-10,000 (US$259-324).

 

Dvorkovich said that there is no deficit in the country. He also said that as grain prices levelled out globally, the demand for imports from Russia fell.