16:48 17.01.2013

Agrarian Fund wants to sell 0.6 m t of grain by end of 2012/13 agri-year

2 min read
Agrarian Fund wants to sell 0.6 m t of grain by end of 2012/13 agri-year

The Agrarian Fund of Ukraine plans that by the end of the current agricultural year (July 2012 –June 2013) 600,000 tonnes of grain from the state intervention reserve will be sold, the fund's head, Ihor Yakubovych, said at a press conference in Kyiv on Thursday.

He said that 300,000 tonnes of bread wheat have been put up for sale on the Agrarian Exchange at an auction scheduled for January 22, 2013, and the same volume could be sold on the market in 7-10 days after the auction.

He said that as of January 1, 2013, stocks of bread wheat in the state intervention fund came to 1.5 million tonnes. He said that a decision has been made that the grain stocks as of early new agricultural year should be 900,000 tonnes.

"Thus, the grain excess totals 600,000 tonnes," Yakubovych added.

Commenting on the coming auction to sell wheat, he said that over 15 companies have submitted bids. More bids are arriving and the Agrarian Fund will accept them until January 21, 2013.

Yakubovych said that not only grain traders but also domestic processors have expressed a desire to take part in the auction. These are flourmills and bakeries.

Yakubovych said that the share of third class wheat is 66%, the share of second-class wheat is 34% and the rest of grain put up for sale is first-class wheat.

"We guarantee as the state that the said volumes [of wheat] can be exported," he said.

He said that thanks to the sale of the said grain, the Agrarian Fund wants to raise UAH 690 million, which will be sent to pay farmers under forward contracts.

Yakubovych said that grain that was put up for sale is stored at 390 elevators.

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