BIG GRAIN SALE TO RUSSIA

Press, Volume CVI, Issue 31092, 22 June 1966, Page 13

BIG GRAIN SALE TO RUSSIA

(N.Z.P.A. Reuter —Copyright) MOSCOW, June 20. Canada will sell 336 million bushels of wheat and flour worth about £260 million to Russia over the next three years.

Jubilant Canadian officials described the deal as the biggest single wheat transaction in international trade. It was signed yesterday by the chief commissioner of the Canadian Wheat Board (Mr William Macnamara), and Mr Leonid Matveyev, president of the Soviet Grain Import Agency. The contract will bring Soviet grain imports from Canada since 1963 to 814 million bushels, or about 21 million long tons, worth about £6OO million. Observers said it showed that Russia expected to have a grain deficit for several years in spite of last year’s reasonably good market and good prospects so far for this year.

the grain should be delivered in the second and third years and Canadian officials could not say how much flour it included. Mr Macnamara said it would be a substantial amount.

The contract specifies that one-third of the grain be delivered within a year from August 1, when shipments will begin. The wheat will be paid for in cash when it ships in Canadian ports. There will be no inter-governmental credits. The contract does not specify what proportion of