Russia plans to sell 1.5 mln T of grain from reserves in 2017/18 -Interfax

MOSCOW, Oct 10 (Reuters) - Russia's Agriculture Ministry plans to sell 1.5 million tonnes of grain from the state reserves during the 2017/18 marketing year, which started on July 1, Interfax news agency reported on Tuesday, citing a deputy minister.

That includes 500,000 tonnes the government has already been considering releasing from its 4 million tonne grain stockpile to free up storage space and to reduce budget spending on servicing the stock.

"The government has given permission for the export of 500,000 tonnes of grain from the interventions fund, and we are also working on 1 million tonnes," Igor Kuzin, Deputy Agriculture Minister, told Interfax.

The bulk of the proposed 1.5 million tonnes is likely to be offered for exports, of which 1 million tonnes will be offered between January and June, he added. (Reporting by Polina Devitt; Editing by Susan Fenton)