The Ministry of Agriculture (Ministry of Agriculture) is considering the possibility of making new grain purchases for the intervention fund in 2023. This measure is necessary to maintain optimal prices for these agricultural products and to avoid excessive volatility in the domestic market. informs Vedomosti newspaper cites a letter from Oksana Lut, First Deputy Minister of Agriculture.
The document was addressed to Sergey Katyrin, President of the Chamber of Commerce and Industry of the Russian Federation (CCI RF) and dated February 27. At the same time, at the beginning of last month, he had a different opinion on this issue, and the article clarified that the Russian Federation has no plans to intervene in the grain market.
“The Ministry of Agriculture is considering the possibility of additional grain purchases in the intervention fund in 2023. <….> Current intervention purchase volume is based on domestic wheat consumption in the first quarter of 2022. Last year, a total of 3.08 million tons of grain was purchased for the response fund.
At the same time, the annual total consumption of food wheat and rye in the Russian market is estimated at 10.5 million tons. According to Rosstat, according to the results of the 2022-2023 agricultural season, which will end on June 30, the total yield in the country should be 153.8 million tons.
2 March First Deputy Minister of Agriculture Oksana Lut statedThat the Ministry of Agriculture will not revise the quota for grain exports from Russia until the end of the current agricultural year. However, the agency does not exclude the possibility of revision in favor of more active exporting companies.