India raises soybean minimum purchase price by 10%

India has raised the minimum purchase price for soybean to 3,050 rupees per 100 kg from 2,775 rupees.

Reuters| Last Updated: Jun 16, 2017, 19:25 PM IST

New Delhi: 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.