Kazakhstan plans to buy domestic grain and wheat from local farmers to guard against inflation. State-owned Food Contract Corporation is presently in talks with local farmers on purchase of 2-2.5mn tonnes of grain from this year's crops. The grain should be purchased by December. To remind you, grain prices are soaring as Russia banned grain exports a few weeks ago. Kazakhstan is among 10 largest grain exporters in the world. The country expects to harvest 13.5-14.5mn tonnes of grain this year, down by 30-35% y/y. Food Corporation bough 5mn tonnes of grain last year, of which 2mn tonnes remained in the elevators. After purchasing of additional grain, the company's stocks would double to 4-4.5mn tonnes. To remind you, the Kazakh government expects inflation at the level of 6-8% y/y this year. Significantly, in Jan-Jul, prices increased by 4.6% ytd. |
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