Minister of Economic Development and Trade of Russia German Gref
Photo: Vasily Alexandrov
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Ag. Min. to Stays Out of the Grain Market
In spite of recent statements by Minister of Economic Development and Trade German Gref and support for the idea from United Russia Party leader Boris Gryzlov, the Agriculture Ministry yesterday did not decide to intervene in the grain market. Instead, a working group will study the situation. No date has been set for the group to be formed or begin working.
Analysts and grain market participants say that an intervention would be completely illogical since grain prices are falling on their own. Since an export duty is imposed on grain at the same time as the Agriculture Ministry releases grain onto the market, an intervention would damage a number of businesses, forcing them to turn down foreign contracts.
Observers also note that the last grain intervention took place in 2004 on the eve of the presidential election.
www.kommersant.com
All the Article in Russian as of Aug. 09, 2007
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