BLBG:India Said to Consider Increasing Oilseed Prices to Boost Output
India, the largest palm oil importer, is set to consider raising the minimum prices of soybeans and peanuts by as much as 14 percent to boost output and pare reliance on imports, two government officials said.
The Commission for Agricultural Costs and Prices, which advises the government on crop prices, recommended 2,500 rupees ($45.85) per 100 kilograms (220 pounds) for black soybeans and 2,560 rupees for yellow soybeans for the year beginning July 1, said the officials, who asked not to be identified citing policy. Farmers get 2,200 rupees and 2,240 rupees respectively now. The minimum price of peanuts should be increased 8 percent to 4,000 rupees per 100 kilograms, it said.
The Agriculture Ministry may seek cabinet approval next month to increase prices after consulting state governments and other ministries, the officials said. The panel recommended that prices of common paddy be raised to 1,310 rupees per 100 kilograms from 1,250 rupees, corn to 1,310 rupees from 1,175 rupees and long-staple cotton to 4,000 rupees from 3,900 rupees, the officials said.
Manoj Pandey, a spokesman for the agriculture ministry in New Delhi, declined to comment when contacted today.
To contact the reporter on this story: Prabhudatta Mishra in New Delhi at pmishra8@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
