State Might Sell Wheat

The government will sell wheat from its stockpiles if prices climb to certain preset targets in parts of the country, according to a draft of an order proposed by the Agriculture Ministry.

The targets are meant to keep grain prices stable, according to the ministry's draft, published on its website last week. The trigger for third-grade milling wheat, used to make wheat, will be 5,000 rubles ($155) to 7,500 rubles a ton, depending on the area of the country, it said. Last week, third-grade milling wheat sold at 8,200 rubles to 8,700 rubles a ton across the country, according to Grain Producers' Union data. For fourth-grade milling wheat, the target will be 5,300 rubles to 7,150 rubles, it said.

The preset selling level will be 4,550 rubles to 6,000 rubles a ton for feed wheat, 4,300 rubles a ton for milling rye, and 4,550 rubles a ton for feed barley, according to the draft.

(Bloomberg)

Read more