Russian grain prices rise despite interventions start

Russian domestic grain prices rose last week despite expected sales from the government interventions stock, which should start on Tuesday and help cool down prices in the drought-hit country, one of the world's top wheat exporters. "In most regions farmers closed their urgent need for cash and delayed further sales waiting for higher prices," SovEcon agricultural analysts said in a note on Monday.

The government is preparing to sell up to 110,000 tonnes of grain per week from October 23 until the end of the year to stem rising domestic prices.