MOSCOW, Jun 15 (PRIME) -- The National Mercantile Exchange (NAMEX), part of the Moscow Exchange, plans to start auctions to export grain from Russia’s state intervention fund, the exchange said in a statement late on Thursday.
On June 20, NAMEX plans to auction 50,100 tonnes of third- and fourth-class wheat and barley harvested in 2009, 2011, and 2013. The grain is stored at elevators in the Irkutsk, Novosibirsk, Oms, and Krasnoyarsk regions.
Sales from the state intervention fund should reduce spending on storage of reserves. The Agriculture Ministry said the fund amounted to 3.959 million tonnes of grain worth 36.425 billion rubles as of June 8, and annual spending on the upkeep of the fund stands at 10 billion rubles.
(62.2511 rubles – U.S. $1)
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