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Russia May Buy Up to 1.5 Million Tons of Grain for Stocks

Russia plans to buy 1.4 million to 1.5 million metric tons of grain for state stockpiles, First Deputy Prime Minister Viktor Zubkov said.

Zubkov made the announcement today at a government meeting in Moscow. Prime Minister Vladimir Putin said he signed an order authorizing purchases for the so-called grain intervention fund. The order allows farmers to buy grain back from state reserves if they wish to sell their crops for a higher price on the market.

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