Market will have too much grain

The Ministry of Agriculture of the Russian Federation has stated that there are no plans to buy grain into the intervention fund this year, World of NAN reports.

"We have no plans to buy grain into the intervention fund this year and this season. We have enough grain to ensure domestic food security, so there is no need for purchases," First Deputy Agriculture Minister Oksana Lut said.

Last year the intervention fund of the Russian Federation purchased 3.1 million tons of grain for 47 billion rubles. The country has enough carryover stocks. Plus this year Russia expects an above-average harvest, 123 million tons are planned to be harvested, 78 million of which will be wheat.

In Kazakhstan, grain reserves exceed last year's figures by 44%. The market will be flooded with grain and under the conditions of export duty on sunflower, it is not clear from which crop farmers will earn money.

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