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Russia reserve fund dips to $77.18 billion |
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Russia said its Reserve Fund decreased 2.4% to $77.18 billion, while the National Welfare Fund shrank 1.9% to $93.38 billion in October.
The Reserve Fund was set up to cushion the federal budget against a fall in oil prices, and the National Welfare Fund is intended to help the government carry out pension reforms.
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The Finance Ministry said it did not channel money from the Reserve Fund to balance the federal budget in October largely due to high oil prices, with Russia's Urals oil blend hitting a historic high of $72.5 per barrel for 2009.
As of October 1, the Finance Ministry channeled a total of $67 billion from the Reserve Fund to balance the federal budget, including $10.3 billion in September.
In line with budget policy guidelines for 2010-2012 approved by the government in July, a total of $95.5 billion, or 7.9% of the country's GDP, will be spent on covering the budget deficit this year.
Russia's Reserve Fund is expected to fall to $50 billion by the end of the year and run out entirely in 2010, while the National Welfare Fund will fall to $91 billion by the end of the year and down to $3 billion by the end of 2012.
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Corn ended higher Wednesday amid speculative buying as the market showed some technical strength, traders said. |
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U.S. wheat futures settled higher Wednesday on technical buying and supportive signals from outside markets. |
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Soybean futures settled rallied Wednesday to session highs near the close on broad commodity buying. |
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