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. Last Updated: 07/27/2016

State Scrambling to Support Grain Prices

The country must export "at least" 10 million tons of grain in the first six months of 2009 to support domestic prices, Agriculture Minister Alexei Gordeyev said Wednesday.

The state will also offer subsidies in a tender to exporters who pay farmers at least 4,000 rubles ($143) per metric ton of fourth-grade milling wheat, he said.

Russia exported 10 million tons of grain between July 1 and Nov. 25, while shipments may total as much as 25 million tons of grain this season after farmers reaped more than 100 million tons of grain, the Agriculture Ministry said. The government said it would buy more than 10 million tons of grain to support prices and move surplus grain from the central part of the country after storage space in the region ran out and prices plummeted.

Russia may offer subsidies of as much as 10 billion rubles ($358.5 million) for 10 million tons of grain, Grain Union vice president Alexander Korbut said Wednesday.