All auctions for the purchase of grain by the Ministry of Agriculture were canceled this week
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This week, all eight auctions, in which the Ministry of Agriculture planned to purchase 10.8 thousand tons of wheat for the State Intervention Fund, were cancelled. The ministry expects to hold the next auction at the Moscow Exchange on August 8-11. Experts attribute the failure of the auction to an unsuccessful choice of regions for procurement interventions and insufficient supply.
“Purchases should be carried out where the harvest is harvested and where there are obvious problems with its implementation,” commented “Interfax” situation, the general director of the Institute for Agricultural Market Studies Dmitry Rylko. The Ministry of Agriculture clarified that the regions of Siberia, the Urals and Central Russia were chosen for intervention this year.
Ministry of Agriculture announced the beginning of grain purchases to the state fund in mid-July, the mechanism of commodity interventions has been operating in Russia since 2001. It is used by the state as a tool for regulating prices in the agricultural market, as well as to support agricultural producers.
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