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State Reserve asks Cabinet for 2008/09 exchange markets grains purchases permission
02.07.2008 09:38 "Agro Perspectiva" (Kyiv) —
State Committee for Material Reserves (State Reserve) has asked Cabinet to permit purchasing grains for State Reserve on accredited commodity exchange markets within 2008/09 MY (Jul/08-Jun/09), reported State Reserve referring to its Jun 23 Odesa Collegium results. As to report, State Reserve has already worked out Cabinet draft Decree “About Grains Purchases in 2008/09 MY for State Committee for Material Reserves” If Cabinet adopts this draft Decree, State Reserve will be able to buy grains through conclusion of sale-purchase contracts on accredited commodity exchange markets. As to State Reserve experts, tender sales can’t efficiently assure putting grains into storage reserves. Tender sales are long-lasting, what prevents market participants (esp. agricultural producers) from prompt reacting on market changes and slackens their activity. As to State Reserve earlier report, State Reserve had appointed first tender (to purchase 200,000 MT 2008 crop grains) on this year Jul 16.
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