News

The Russian intervention fund purchased more than 8.5 thousand tons of grain

Wheat
Grains, Cereal & Legumes
Russia
Market & Price Trends
Published Apr 13, 2024

Tridge summary

On Thursday, Russia's intervention fund actively engaged in the grain market by purchasing 8,505 tons of grain, predominantly last year's third class wheat, for a total of 126 million 459 thousand rubles. This move is part of a broader strategy initiated on December 11 of the previous year, aiming to accumulate up to two million tons of grain from farmers. This strategy is designed to mitigate potential shortages and stabilize domestic prices amidst an oversupply caused by consecutive record harvests in 2022 and the year before. Grain interventions, a practice Russia has employed since 2001, serve as a regulatory mechanism to prevent significant market distortions.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

This Thursday, grain purchases to the Russian intervention fund amounted to 8,505 tons. This is reported in the materials of the National Commodity Exchange (NTB, part of the Moscow Exchange group), where, among other things, trading of these products is held. This is 675 tons less than what was sent for storage on Wednesday. This time, the fund again purchased three lots of soft wheat without rye and other grains. The majority was made up of the third class (hereinafter also referred to as “troika”) of last year’s harvest – 4,995 tons. Another 3,100 came from the fourth (hereinafter also referred to as “four”) of the same harvest year, and 405 tons from the same harvest the year before last. In total, grain was purchased for 126 million 459 thousand rubles (hereinafter – excluding VAT). Most of the cost came from last year’s “troika” - 75 million 51 thousand rubles, the cost of the “four” of the same year was 45 million 900 thousand, in 2022 – 5 million 508 thousand. The highest ...
Source: Rosng
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.