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India raises soybean minimum purchase price by 10 pct - trade
June 16, 2017 / 1:02 PM / 3 months ago

India raises soybean minimum purchase price by 10 pct - trade

NEW DELHI, June 16 (Reuters) - India has raised the minimum purchase price for soybean to 3,050 rupees ($47.31) per 100 kg from 2,775 rupees, trade sources told Reuters, as the government seeks to protect farmers from falling market prices.

The South Asian nation is carrying a huge inventory from last year’s record harvest compounding the woes of millions of debt-ridden farmers who are struggling with low prices amid a glut of produce such as lentils, oilseeds and cereals.

The government has not yet officially announced the rise in the minimum purchase price. ($1 = 64.4750 Indian rupees) (Reporting by Rajendra Jadhav in MUMBAI and Sudarshan Varadhan in NEW DELHI; Editing by Douglas Busvine)

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