Russia may stop selling stockpiled grains through the main exchange soon because the sales have reduced market prices by 10-15 percent, which was the government’s aim, Agriculture Minister Yelena Skrynnik said today.
The National Mercantile Exchange, where state trader United Grain Co. offered stockpiled grain, reduced market prices, Skrynnik said. The lowest price for stockpiled grain was fixed at 6,000 rubles ($218) a metric ton on Feb. 4 when the sales began, compared with market prices between 6,200 and 9,300 rubles, according to data from the National Grain Producers’ Union.
The daily stockpiled sales declined to 5,400 tons yesterday, the lowest daily amount since they began, when 60,075 tons were sold to the market. Consumers bought the highest amount, or 108,328 tons, on Feb. 16.