11:33 GMT +3 hours28 November 2014
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Russia Considers Early Grain Market Intervention

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The Russian government will decide next week when to launch intervention in the grain market,Deputy Prime Minister Arkady Dvorkovich confirmed, saying “intervention could start as early as October.”

The Russian government will decide next week when to launch intervention in the grain market,Deputy Prime Minister Arkady Dvorkovich confirmed, saying “intervention could start as early as October.”

Dvorkovich said that although the consensus seems to be that this could wait, some experts believe action should be taken now. He added that different scenarios – intervening nationwide or taking a more targeted approach to hard-hit regions – were being considered.

He stressed that the government has no plans to place an embargo on grain exports to control prices.

Grain prices in Russia this year hit record highs. Russian grain producers’ unions have lobbied for intervention to be postponed until spring 2013.

Russia cut its grain harvest forecast this year following a summer that saw drought across a number of regions.