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Russian government may start grain interventions on Feb 1 - Skrynnik

Russian government may start grain interventions on Feb 1 - Skrynnik.
(c) 2011 ITAR-TASS
MOSCOW, January 14 (Itar-Tass) -- The purchase interventions on Russia' s grain market may start on February 1, 2011, Russian Agriculture Minister Yelena Skrynnik told reporters on Friday.

"The Agriculture Ministry drafted the Russian government's instruction for the sale of grain from the Intervention Fund through exchange auctions," she said.

In compliance with the document, the ministry offers to sell monthly 500,000 tonnes of food grain and 500,000 tonnes of feed grain at the price of 6,000 roubles (USD 1 = RUB 29.95) per tonne of both sorts of grain, Skrynnik said, adding that the aforesaid price is the minimum one and it should be no less than the grain purchase price in the format of the governmental interventions.

The Intervention Fund's grain will be sold to agricultural producers, who are engaged in the production of livestock goods and in grain processing, the minister said.

The sale of the Intervention Fund's grain reserves will make it possible to stabilise the dynamics of prices on the domestic market and guarantee the decline of the federal budget spending for the service of the Fund's reserves, Skrynnik said.

-0-usn/yer

Date:  15.01.2011

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