Russia approves exports of 500,000 tonnes of grain from reserves in 2017/2018

The Russian government approved the release of up to 500,000 tonnes of grain from state reserves for export in 2017 or 2018, a document published on its official website said http://pravo.gov.ru/. The document, signed by Russian Prime Minister Dmitry Medvedev, says that the government permits the sale of wheat and feed barley which it purchased in 2008-2016;
According to the document, the grain should not be sold below market price; The proceeds from these deals will go to the state budget;
It is not clear when the grain will be sold; The government has said previously that the release of 500,000 tonnes from its 4 million tonne grain stockpile for export was necessary during the 2017/18 marketing year, which began on July 1, to free up storage space and to reduce budget spending on servicing the stock;
Deputy Agriculture Minister Igor Kuzin told the Interfax news agency in October that the ministry has been working on obtaining state permission for the release of an additional 1 million tonnes for export from the same reserves in 2017/18.