Russia, the world’s third-biggest wheat exporter last season, will allow 130,000 metric tons a week of grain sales from stockpiles throughout the country for millers and feed producers, the Agriculture Ministry said.
Grain sales, which started this week in Siberia and Russia’s Far East, will be extended to the rest of the country Nov. 6, the ministry said in a statement on its website today. The state sold 82,985 tons of stocks in the first two days of trade on Oct. 23-24, out of 110,000 tons that were offered, according to the Moscow exchange.
Russia’s sales are aimed at decreasing domestic prices after grain surged in value following this year’s drought.
Farmers harvested 72 million tons of grain and legumes before drying and cleaning from almost 98 percent of the sown area by Oct. 23, compared with 94.6 million tons a year earlier, according to Agriculture Ministry data.
Wheat for December delivery rose 0.5 percent to $8.775 a bushel on the Chicago Board of Trade by 5:39 p.m. Moscow time. It’s advanced 34 percent this year.
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