November 19 2002, 12:53 APK-Inform

Russia: grain purchase interventions results as of Nov 18

In the course of exchange tenders within the framework of ongoing state grain purchasing interventions in Russia, as of November 18, 2002 the state purchased 15,100 tonnes of milling wheat Class 3 and 22,900 tonnes of wheat Class 4, Russian Agriculture Ministry's Agency for Food Market Regulation has informed. Totally, 38,000 tonnes of grain were bought on the day.

Over the four trading days since November 13 till November 18 the state bought into intervention fund 270,600 tonnes of milling wheat Class 3 and 253,900 tonnes of milling wheat Class 4. Total amount of the purchased wheat was 524,500 tonnes, for the total value of 1.024 billion roubles, out of 6 billion rouble credit provided by the Savings Bank of Russian Federation.

Information agency Itar-Tass has cited President of Russian Grain Union Arkady Zlochevsky as saying that state purchases of grain excesses from the producers have resulted in considerable stabilisation of grain market in the country and consolidation of grain prices. Further potential for price growth is the highest in Siberia.

According to Federal Agency, intervention trades are being continued on November 19.

1 USD = 32 roubles