08:53 GMT +3 hours27 November 2014
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Russia to End Grain Market Intervention This Week

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Russia’s Agriculture Ministry will end intervention in the country's grain market this week, Deputy Agriculture Minister Ilya Shestakov said on Thursday.

Russia’s Agriculture Ministry will end intervention in the country's grain market this week, Deputy Agriculture Minister Ilya Shestakov said on Thursday.

“Owing to the fact that new grain harvest stocks will start flowing into the market virtually in two weeks, we have decided to halt grain market intervention. This week, the last grain interventions will be held,” Shestakov told the 13th international grain round, entitled: “Grain Market – Yesterday, Today and Tomorrow.”

Shestakov said the government’s grain market intervention had helped achieve balanced prices on the domestic agricultural market.

“The price that is now quoted on the market, i.e. 6,000-6,300 rubles ($187.50 - $197) per ton, is quite acceptable for all sectors,” Shestakov said.

The Russian government has sold over 2 million tons of grain on the market since grain intervention began on April 4.

Russia may harvest 92-94 million tons of grain in the agricultural year starting July 1, an Economic Development Ministry official told the grain forum.

“According to an Economic Development Ministry forecast, gross grain harvest will amount to 92-94 million tons. We believe that with this harvest, grain exports may amount to no less than 22-23 million tons,” said Lyudmila Tyazhelnikova, director of the ministry’s economic sector development department.

Russia’s last year harvest amounted to 94.2 million tons.