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

Nov. 14 (Bloomberg) -- 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.

To contact the reporter on this story: Anton Doroshev in Moscow at adoroshev@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net