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Russia Sells Cuba Humanitarian Milling Wheat

27 January 2010

RUSSIA - Russia's United Grain Company will sell fourth-grade milling wheat to Cuba as humanitarian aid to protect Russian grain exporters, it has been revealed.

Speaking to the Moscow Times, the company's chief executive Sergei Levin explained that selling the intervention stock will minimise "the negative impact from sales of substantial volumes of grain to the world market".

He added: "The mechanism of sales under intergovernmental agreements implies that the grain bypasses standard commercial turnover.

"Currently, we are studying the possibility of such sales with some countries," he told a news briefing.

Wheat futures for March 2010 crops stood at $4.94 per bushel at the last update at 16:16:27 (CST), having opened at $4.92 per bushel, with a high of $4.97 and a low of $4.91, according to the Chicago Board of Trade index.

Meanwhile, the falling euro value is expected to boost EU wheat exports, which are suffering from waning demand in line with global markets.

TheCropSite News Desk

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