Russian Farmers Allowed to Buy Grain Back From Intervention Fund
Russian Prime Minister Dmitry Medvedev signed Order No. 2290-p of December 6, 2013, that allows farm…Russian Prime Minister Dmitry Medvedev signed Order No. 2290-p of December 6, 2013, that allows farmers who sold grain from their 2013 crop into the State Intervention Fund in the Fall of 2013, to purchase their grain back again.
They would be able to purchase it at the price they sold it minus the cost of storage, insurance and taxes.
The farmers would be able to buy their own grain directly from the Intervention Fund without participation in the special government intervention sales through the commodity exchange.
According to the Russian Ministry of Agriculture, one of the benefits of allowing this buy-back, is if grain market prices continue to climb, then these famers can buy out this grain in the spring of 2014, sell it for higher prices, and receive some additional operating capital for spring sowing and field work.