Russia’s agriculture ministry will buy 1 million tonnes of wheat and 90,000 tonnes of sugar for the state stockpile from the domestic market in 2022, state controlled trader United Grain Company (UGC) said.
Russia, the world’s largest wheat exporter, uses this stockpile to support domestic supply in poor crop years and to ease pressure on domestic prices at times of a good harvest. It is expected to harvest a large crop in 2022, with a record amount of wheat available for export.
Russia is on track to purchase up to 3 million tonnes of wheat and 250,000 tonnes of sugar in total for the stockpile by 2024, UCG Chief Executive Dmitry Sergeyev told President Vladimir Putin during their televised meeting.
UGC, which owns stakes in two Black Sea grain export terminals, signed several grain supply contracts with Turkish buyers, with payment in roubles, Sergeyev said, adding that the last such contract was signed in March.
Source: Reuters (Reporting by Reuters; Editing by Louise Heavens)
