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  Tuesday, June 18, 2019
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The Russian government intervened on the Russian grain market Monday
Agriculture Minister Alexei Gordeyev, attending the opening ceremony of the ninth Agrorus international agricultural fair, said 6.2 billion rubles ($217.9 million) had been allocated for this purpose. Third-class wheat in European Russia will cost 3,100 rubles ($109) per metric ton and 3,300 rubles ($116) in the Urals and Siberia. The government initiates grain interventions when grain prices plummet. By "removing" excess grain supply the state stabilizes market prices to support domestic grain producers and improve the market situation. The Agriculture Ministry's Federal Agency on Food Market Regulation is in charge of purchasing grain for the state intervention reserve.
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