Bloomberg News

Kazakhstan to Buy 3 Million Tons of Grain for Reserves

January 24, 2012

(Corrects spelling of CEO’s name in second graph.)

Jan. 24 (Bloomberg) -- Kazakhstan’s state grain trader will buy 3 million metric tons of grain for stockpiles, on top of 5 million tons targeted because of a large crop.

About 100,000 tons of the extra allotment was bought at 16,500 tenge ($111) a ton and the price for the rest will be 20,000 to 21,000 tenge a ton, Beybitkhan Kabdrakhmanov, chief executive officer of JSC National Co. Food Contract Corp., told reporters in the capital Astana today. The price for the first 5 million tons was 25,000 tenge, he said.

Kazakhstan’s grain crop was 26.9 million tons last year, according to the State Statistics Agency.

--Editors: Claudia Carpenter, John Deane

To contact the reporter on this story: Svetlana Antoncheva in Astana, Kazakhstan at santoncheva1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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