23 Oct 2009 14:33

Grain purchase interventions may begin Oct 27 - source

MOSCOW. Oct 23 (Interfax) - The Russian government may begin purchase interventions on the grain market on October 27, a market source familiar with the Agriculture ministry's plans told Interfax. Market insiders say most of the purchases will be conducted in Siberia.

The final financing details are begin ironed out, and "the interventions will most likely begin on October 27," although technical difficulties could delay them until October 28, the source said. He declined to provide more details.

About 10 billion rubles has been earmarked for the interventions this year. United Grain Company is the state agent for the purchases.

The National Commodities Exchange is the organizer for the trade. The trading will be conducted on MICEX trading floors in Moscow, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Novosibirsk.