Russian Agriculture Ministry not planning to purchase grain for intervention fund in 2023

ST. PETERSBURG. Aug 14 (Interfax) - The Russian Agriculture Ministry does not plan to purchase grain for the intervention fund in 2023, first deputy agriculture minister Oksana Luth said.

"We are not planning to purchase grain for the intervention fund this year, this season. We have enough grain to ensure domestic food security, so there is no need for purchases," Lut told reporters on Monday.

The Agriculture Ministry conducted purchasing interventions in the grain market from August 1 to December 30, 2022. According to the National Commodity Exchange (part of the Moscow Exchange group), 3.123 million tonnes of grain were purchased, exceeding 47 billion rubles in value terms.

According to the ministry's estimates, this corresponds to the needs of flour milling enterprises for a three-month period.