The Russian Federation will resume grain purchases to the state fund from March 27
Grains, Cereal & Legumes
Russia
Regulation & Compliances
Published Mar 27, 2024
Tridge summary
Russia plans to resume its grain purchases for the state intervention fund on March 27, after a brief suspension that started on March 7 due to the need for selecting an exchange through competitive procedures. This pause came after the government allocated 7 billion rubles to enhance grain purchases, with the state fund having already acquired 845.1 thousand tons of grain worth 12 billion rubles from December 11, 2023, to March 7, 2024. The upcoming interventions are aimed at purchasing an additional 2 million tons of grain, supplementing the 3 million tons bought from August to December 2022, to support the flour-grinding and baking industries.
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 ...
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