Russia: grain purchasing interventions to be closed on February 19
The Ministry of Agriculture of Russia plans to stop stock trading within frames of the current purchasing interventions for grains of the harvest-2013 since February 19, 2014, informed the press-service of the Ministry on February 14.
During several recent weeks agricultural producers lowered their interest in grain selling to the public intervention fund, due to the demand-supply balance on the domestic market in the Asian part of Russia, it is appropriate to suspend the stock trades, according to the announcement.
Nikolai Fedorov, Minister of Agriculture, noted that in the period of the current purchasing interventions (October 15, 2013 - February 12, 2014), the purchased volume totaled 600.2 thsd tonnes of grains at the sum of 3.521 bln RUR, which had a significant effective regulating impact on the grain market in the Asian part of Russia. The market prices increased, and to date they exceeded the prices fixed at the purchasing interventions.
The last exchange trading within frames of the public purchasing interventions in relation to grains of the harvest-2013 will be held on February 18, 2014, at the volume of 30 thsd tonnes.
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