Russia Mulls Boosting Grain Reserves to 6m Tons: United Grain
A proposal is in place to increase state grain stockpiles to 6m tons, according to a statement from United Grain Co., a government-controlled trader that’s in charge of storing the inventories.
United Grain is considering the proposal with the Agriculture Ministry
NOTE: Current Russian inventories may be at about 400,000 tons following a sale of 1.35m tons in the past few weeks. Data from the ministry previously showed inventories at 1.75m tons At 6m tons, the inventories would be enough to meet Russia’s demand for one month. That includes demand from the milling industry, which processes 1.1m tons of grains a month Russia consumes about 76m tons of grain a year, and increased stockpiles would safeguard supply at times of low crop production.
“We aim to provide stockpiles that would cover the entire country’s demand for grain to make bread for three months,” the statement said.