Russia to start grain interventions on November 2

In the current year, governmental purchasing interventions on the market of grains will start on November 2, declared Elena Skrynnik, the Minister of Agriculture, on October 23.

According to her, the exchange market trading operations will start on November 2, the government will provide interventions rather pointwise and selectively.

On October 21, the United Grain Company started providing accreditation of agricultural producers for participation in the intervention. To date, 119 agricultural producers are accredited. The company accepted documents at the stock exchange grounds of Moscow, Saint Petersburg, Rostov-on-Don, Nizhny Novgorod, Samara, Yekaterinburg and Novosibirsk. The government plans to spend nearly 9.5 bln RUR for realization of the intervention.

In 2008, the government purchased over 8.6 mln tonnes of grains at the sum of 38.6 bln RUR. To date, the grain volume is kept at the state intervention fund.

Source: AgriMarket.Info