October 14 2002, 11:55

Russia: grain interventions will raise wheat prices from current $47 to $72/t

Purchase interventions in the grain market will result in an increase of prices for 3rd class milling wheat from current RUR 1,500 (US$ 47) to RUR 2,300 (US$ 72) per tonne, Russian Prime Minister Mikhail Kasyanov told journalists Saturday.

Noting that state purchases must remove the problem of absence of grain demand, the Prime Minister emphasised a need in a short term to develop mechanisms of grain exchange trade so that this market become more steady and don't face sales problems each autumn.