Russia Seen Selling Grain From Stocks in First Quarter by Union

Russia may start selling grain from stockpiles in next year’s first quarter to stabilize the domestic market, the country’s Grain Producers Union said.

Sales are unnecessary until then, Pavel Skurikhin, the group’s president, said today in an e-mailed statement. The local crop will fully meet domestic needs and Siberia’s harvest will improve grain supplies, he said.

A 27 percent jump in grain prices since January is unlikely to prompt severe food inflation in Russia because it may translate into a smaller increase of 5 percent to 6 percent in bread prices, the group said.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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