The National Mercantile Exchange (NAMEX) said Thursday that it was starting the accreditation of agricultural producers for their participation in trading during state grain interventions.

 

The Russian government will start purchasing grain on August 19. The move is aimed at stabilizing prices for grain, which have fallen by 45% so far during this harvest period, Agriculture Minister Alexei Gordeyev said earlier this week.

 

During the first stage, trading will be carried out in the cities of Moscow and Rostov-on-Don.

 

Russia has been carrying out grain interventions since 2001. During grain interventions, the government either buys grain or sells it in order to keep prices stable.

 

The Russian government carries out grain interventions on NAMEX.

 

NAMEX, created in 2002, organizes trading in electric power, oil, oil products, natural gas, agriculture products, metals, and other commodities.

 

Among NAMEX's shareholders are major agriculture companies, including APC OGO, Grain Company Razgulay, Russian Grain Union, and Russia's Union of Sugar Producers, as well as the Moscow Interbank Currency Exchange (MICEX) and several regional exchanges. 

 

 

 

Prime-Tass