Russia to purchase another 3.3 mln tonnes of grains to the public fund – N.Fedorov
The volume of grain purchases to the state fund should be increased to 5 mln tonnes, declared Nikolai Fedorov, Minister of Agriculture of the Russian Federation, on December 18.
According to him, the intervention fund should stock nearly 5 mln tonnes of grains, including 1.2 mln tonnes of carry-over stocks from the previous purchases, and 0.5 mln tonnes of the already purchased volumes. Therefore, the fund will buy another 3.3 mln tonnes of grains, said the Minister.
N.Fedorov explained the observed decline of intervention purchases of Russian grains with rather good market response to the recent commodity interventions. According to him, when the Government started selling grains from the public fund, the grain price was quickly stabilized and made profitable for grain producers.
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