Russia Sells Intervention Stores
11 February 2011
RUSSIA - The Russian Government has ordered sales of milling and feed wheat, food quality rye and feed barley from the Intervention Fund.
The order was posted on the Russian government website at the beginning of February and will allow up to 500,000 metric tons of grain to be sold every month until the end of June 2011, at the weekly auctions conducted by the Russian commodity exchange.
The minimum price will vary by quality and location from 6,000 rubles ($200) to 7,535 rubles ($251). Grain will be sold to registered livestock producers and to feed and flour mills.
The Ministry of Agriculture updated instructions for selling grain from the intervention fund and posted these instructions on the MinAg’s web-site on 28 January.
Current Market Prices of Grain in Russia Despite the decreased railway tariffs domestic grain marketing was not active in the fall 2010, and volumes of trade began increasing only in December 2010. Grain consumers in the drought affected provinces were waiting for federal support and distribution of grain from the intervention fund. Even the export ban did not stimulate sales.
Grain prices in the domestic market continued to increase, reflecting Russia’s tense grain supply and steadily growing prices in the international markets.
From beginning of July 2010 to mid January 2011 the price of 1 metric ton of milling wheat Class 3 increased by 50 per cent to 6,400 rubles ($213) in the Southern Federal District, by 100 per cent to 7,750 rubles ($258) in the Central Federal District, by 120 per cent to 8,000 rubles ($266) in the Volga Valley Federal District, by 160 per cent to 8,500 rubles ($283) in the South Ural, and by 185 per cent to 7,700 rubles ($257) in Siberia. Increases in prices of milling wheat Class 4, feed quality wheat, food rye, and feed barley were even sharper. Thus, price of feed wheat Class 5 increased by 115 per cent to 7,300 rubles (($243) in the Central Federal District, and by more than 200 per cent in the Ural Federal district to 7,900 rubles ($263) per metric ton.
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