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Russia adds 260,145 tons of grain to intervention fund in 2023

Russia has been implementing state interventions on purchase and sale of grain since 2001 to regulate domestic prices

MOSCOW, December 29. /TASS/. Russia has acquired 260,145 metric tons of grain for its intervention fund this year through purchases on the National Mercantile Exchange, the Ministry of Agriculture reported.

"More than 250,000 tons of grain were added to the state fund this year. Purchases totaled 260,145 metric tons of grain during 15 days of trading: 135,135 metric tons of third class soft wheat, 105,975 metric tons of fourth class soft wheat, and 19,035 metric tons of rye," the ministry said on its official Telegram channel.

Trading will take place next time on January 9, 2024, according to the report.

Russian Agriculture Minister Dmitry Patrushev said earlier that the ministry planned purchasing interventions on the grain market in the volume of up to 2 mln tons, adding that global grain prices and high yield expectations put pressure on domestic grain prices.

Russia has been implementing state interventions on purchase and sale of grain since 2001 to regulate domestic prices. Some 3.08 mln metric tons of grain were purchased for the state intervention fund last year.

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