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Russian Agriculture Ministry completes first grain procurement

August 19, 14:51 UTC+3 MOSCOW
Russian Agriculture Ministry does not rule out grain harvest may reach 113-116 mln tonnes in 2016
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MOSCOW, August 19. /TASS/. Russian Ministry of Agriculture initiated grain procurement interventions for 2016 year harvest. All the offered grain of 12.3 mln tonnes in the amount of 114 mln rubles ($1.8 mln) was purchased by the government, the Crimean Exchange said on Friday.

Twelve deals were closed with nine traders.

The Ministry of Agriculture plans to procure up to 1 mln tonnes of grain to the intervention fund by 2016 year-end. The official procurement outlook is 600,000 tonnes.

Procurement prices are approved this year at the level of 10,900 rubles ($170.2) per tonne of Class 3 wheat, 7,400 rubles ($115.6) for rye, 8,000 rubles ($125) for barley and 7,900 rubles ($123.4) for corn.

Russia is holding government interventions on the grain market from 2001 for regulation of prices.

Russian Agriculture Ministry does not rule out grain harvest may reach 113-116 mln tonnes this year subject to good weather.

"According to preliminary estimates, Russia will harvest a record-breaking grain harvest that will be 110 mln tonnes at the least and may grow by 3-6 mln tonnes more if favorable weather conditions remain," the ministry said.

This will be a record-breaking figure for post-Soviet Russia. The previous record was set in 2008, when 108.1 mln tonnes were harvested.

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