MOSCOW, November 20. /TASS/. Russia's National Mercantile Exchange sold 2,700 tonnes of grain totally worth 18.5 mln rubles ($240,000) within state commodities interventions, the Exchange said in a statement on Friday.
"Another round of stock trading has been held at the National Mercantile Exchange as part of sales of agriculture products from the federal agriculture intervention fund, at which 2,700 tonnes of grain totally worth 18.5 mln rubles were sold," the statement said.
Earlier reports said that the National Mercantile Exchange terminated the first stage of grain sales from the state intervention fund on August 6. On August 7, the second stage of grain sales started, under which 105,740 tonnes of grain worth 1.89 bln rubles ($24.82 mln) have been sold from the fund.
Russia introduced the practice of state interventions on purchase and sale of grain (commodities) in 2001 to regulate domestic prices. In autumn, after the harvest gets to the market prices go down, which is why the state purchases grain from farmers to support them, while in winter and spring the state sells grain from the intervention fund to prevent an upsurge in prices.