(Updates with minimum prices in third paragraph.)
Nov. 16 (Bloomberg) -- Russia will start buying grain for state reserves on Nov. 28, the Agriculture Ministry said.
The country plans to buy 1.4 million to 1.5 million metric tons of grain for stockpiles, Viktor Zubkov, first deputy prime minister, said two days ago.
Minimum prices were set at 5,000 rubles ($162) a metric ton for third-grade milling wheat from the Central, North-Western, Volga, North Caucasus and Southern federal districts, the European part of Russia, the ministry said in an e-mailed statement, citing an order signed by Yelena Skrynnik, the agriculture minister. The minimum will be 4,700 rubles a ton in the Asian part of the country.
The lowest price for fourth-grade milling wheat will be 4,650 rubles a ton in European Russia and 4,450 rubles a ton in the rest of the country.
The minimum price for feed wheat will be 4,300 rubles and 4,100 rubles a ton for the European and Asian parts of the country respectively. For milling rye, the lowest price will be 3,900 rubles a ton, for feed barley 4,000 rubles a ton, and the minimum for corn was set at 4,400 rubles a ton for all Russian regions.
Farmers will have a right to buy back the grains to take advantage of rising prices, after paying storage fees, according to the statement.
--Editors: John Deane, Sharon Lindores
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