Russia markets 13 million tons of wheat

Until June 2011, Russia will sell more than half, about 13 million tonnes of its grain reserves, thus reducing the price of wheat – reports szabadfold.hu, after Vedmosztyi, Russian economy newspaper.

According to the estimations of the Russian Ministry of Agriculture between the 1st of July 2010 and 30^th June 2011 grain consumption of Russia will be 77 million tons. In contrast, this year's harvest was only 60.3 million tons.

Viktor Zubkov, Deputy Prime Minister promised, that more than half – about 13 million tonnes –  of the state grain reserves, will be sold on a discount price. They expected a decrease in grain prices, from this step. Due to the summer droughts of  2010, 40 percent of the Russian grain production was destroyed.