The Russian intervention fund purchased over 7 thousand tons of grain

Grains, Cereal & Legumes

Market & Price Trends

Published Mar 29, 2024

Tridge summary

In Russia, grain market interventions resumed on Wednesday after a hiatus, with the state intervention fund purchasing 7,155 tons of grain, a figure that represents a decrease from the previous trading session but an increase from the lowest recorded levels. The bulk of the grain acquired was soft wheat, complemented by some rye, all sourced from the previous year's harvest across three regions. This move is part of Russia's continued efforts to regulate domestic grain prices and bolster its reserves, with the intervention fund's total acquisitions now exceeding 852,255 tons. This decision to resume interventions comes despite earlier assurances from government officials that the country's grain reserves were adequate, pointing to an adjustment in response to an oversupply in the domestic market.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Yesterday on Wednesday, interventions in the grain market resumed on the Russian market after several weeks of break. On this day, purchases to the state intervention fund amounted to only 7,155 tons. This is reported in the materials of the permanent participant in such trading, the National Commodity Exchange (NTB, part of the Moscow Exchange group). This is 11,035 tons less than on the last trading date, March 7, but 2,025 more than the absolute minimum, which was received on March 4. This time two batches were sent to the fund. The majority, 5,400 tons, was soft wheat of the fourth class (hereinafter also referred to as “four”). The remaining 1,755 are rye of at least third grade. Both batches are from last year's harvest. Four and one agreements were concluded on them, respectively. Soft wheat of the third class (“troika”) was not received for storage. In total, grain was purchased for 96 million 762 thousand rubles (hereinafter - excluding VAT). The cost of the “four” ...

Source: Rosng