News

The Russian Federation will resume grain purchases to the state fund from March 27

Grains, Cereal & Legumes
Russia
Regulation & Compliances
Market & Price Trends
Published Mar 27, 2024

Tridge summary

Russia has announced plans to resume grain purchases for its state intervention fund on March 27, after a brief suspension that started on March 7. The pause was necessary to complete competitive procedures for selecting an exchange platform for the next three years, a task undertaken by the United Grain Company. With a government allocation of 7 billion rubles aimed at bolstering the grain reserves, Russia intends to purchase 2 million tons of grain during the current intervention period. This strategic move is designed to support the flour-grinding and baking industries by enhancing the grain reserves of the state fund.
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

Russia is resuming grain purchases to the state intervention fund from March 27 after their suspension (the previous trading day was March 7), according to the trading schedule posted on the website of the National Commodity Exchange (NTB, part of the Moscow Exchange group). As the Ministry of Agriculture reported, the break is due to the need to complete competitive procedures for selecting an exchange for the next three-year period, which were carried out by the United Grain Company (United Grain Company, a state agent for procurement and commodity interventions in the grain market). As the press service of the Ministry of Agriculture explained to Interfax, the protocol for selecting the exchange was published on the UZK website on March 12. “According to the selection rules, an agreement with the exchange is signed no earlier than 10 working days after the publication of the protocol. Thus, the agreement will be signed on March 27, which allows exchange trading to begin as part ...
Source: Agrovesti

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