UGC says considers raising grain intervention fund to 6 mln tns

MOSCOW, May 28 (PRIME) -- United Grain Company (UGC) is considering extending grain reserves in the grain intervention fund to 6 million tonnes, a spokesperson for the company told PRIME on Thursday. 

"UGC and the Agriculture Ministry are working on a new concept of picking storers in order to raise control over the federal grain intervention fund and meet the interest of grain market participants during the interventions. Besides, the issue of raising grain reserves in the fund to 6 million tonnes is on the agenda," the company said. 

According to UGC, this volume meets monthly grain consumption in Russia.

The company also said that the system of grain storage needs stricter control because market participants have faced undue practices of some of the storage companies.

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