Russia Considers Buckwheat Stockpile Sales After Prices AdvanceAnatoly Medetsky
Russia’s government is considering selling part of its buckwheat stockpile after prices climbed this month on harvest delays.
Officials are studying whether there’s a need for tapping state inventories, Aliya Samigullina, a spokeswoman for Deputy Prime Minister Arkady Dvorkovich, said by text message from Moscow today. Dvorkovich oversees Russian agricultural markets. Prices rose 28 percent this month by Nov. 17, according to the state statistics service.
Prices climbed as unfavorable whether prevented some harvesting in the Altai region, according to the Institute for Agricultural Market Studies. Autumn rain hampered farmers before snow blanketed crops at the end of October, including 200,000 hectares (494,000) of buckwheat, the Altai regional government said Nov. 10. Russia’s total area sown with buckwheat this year was 1 million hectares, the Agriculture Ministry said today.
Ikar, as the market researcher is known, said the situation isn’t “critical” because the country’s total buckwheat harvest can meet demand.
The ministry said today that farmers have reaped 745,000 metric tons of the grain in bunker weight, a measure before cleaning and drying. It also sees the amount as enough to meet consumption. Buckwheat covered by snow may be processed in spring, according to today’s statement.