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Minister says Russia to start intervention grain sales
Prime-TASS, February 12, 2004
Moscow, 12 February: The Russian government will start state intervention sales of grain on the domestic market on 18 February, Deputy Prime Minister and Agriculture Minister Aleksey Gordeyev said on Thursday 12 February.

The purpose of the sales is to stabilize domestic prices, which have been increasing due to the lower grain harvest in 2003 and big exports.

The government plans to use the stocks of 1.6m tonnes, including 1.3m tonnes of wheat and about 300,000 t of rye, accumulated during intervention buying operations in previous years. Only domestic millers, who are obliged to supply the flour produced to regional bakers, will be allowed to participate. Gordeyev said that the government could impose restrictions on flour exports to prevent traders reselling flour produced from intervention grain abroad.

The starting price for superior quality milling wheat (3rd class) has been set at R4,400 per tonne, while for inferior quality wheat (4th class) it is R3,400 per tonne. The starting price for milling rye has been set at R2,500 per tonne.

At the moment, 3rd class wheat is traded at over R6,000 per tonne, while 4th class wheat is traded at around R5,700. Rye is traded at around R5,500 per tonne.

Intervention sales will be held at the Central Russian Universal Exchange and the National Stock Exchange.

Russia's 2003 grain harvest amounted to 67.2m tonnes in clean weight (after drying and cleaning), down from 86.6m tonnes in 2002. The decline was due to a smaller planted area and less favourable weather conditions.
MGR Archive 13.2.2004
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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