Russia May Intervene on the Grain Market, Interfax Reports

Russia’s government may intervene on the grain market, which has been affected by drought, Interfax reported, citing Agriculture Minister Nikolai Fedorov.

The government may sell grain from inventories to control prices in the regions with the worst problems, not in the whole country, according to the Interfax report.

The Agricultural Ministry doesn’t know what the estimated losses are yet and any interventions would need government approval, the newswire said, citing Fedorov.

A representative of the ministry’s press office, who declined to be identified, wouldn’t provide any additional comments when contacted by Bloomberg.

To contact the reporter on this story: Paul Abelsky in Moscow at pabelsky@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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