Russian govt to begin purchases of grain for intervention fund on Dec 11 - Agriculture Ministry

MOSCOW. Nov 30 (Interfax) - Russia's Agriculture Ministry plans to begin purchasing grain on December 11 for the government intervention fund, Agriculture Minister Dmitry Patrushev said in a statement.

"The Agriculture Ministry in the near future of will begin replenishing stocks of food wheat and rye for the intervention fund. The start of exchange trading as part of the interventions to purchase grain is scheduled for December 11, 2023," Patrushev said.

There are plans to purchase up to two million tonnes of grain in the regions of Siberia, the Urals, Central Russia, and the Volga Region in addition to the previously purchased three million tonnes.

"The grain will be sold to Russian flour mills and bakeries in the event of a significant increase in prices in the future. This should help maintain a stable price situation on the food market," according to the statement.