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Grain Crop Recovering

The grain harvest could reach 83 million to 86 million tons this year, including about 45 million tons of wheat, Alexander Korbut, vice president of the Russian Grain Union, said by phone Monday.

The condition of winter crops “is not bad,” Korbut said. “We estimate about 32 million hectares will be sowed with spring crops,” Korbut said. The government plans to sell up to 500,000 tons of grain from stockpiles in five monthly auctions starting in February. Prices will start at a fixed minimum of 6,000 rubles ($201) a ton and may rise as high as 6,300 rubles, Korbut said.

(Bloomberg)

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