India has raised the minimum purchase price for soybeans 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.
Five Indian farmers were shot dead this month at a protest in the central state of Madhya Pradesh as a rural strike to demand debt relief spread in the wake of rising farmer suicides.
The price of front-month soybean futures fell to a more than 5-year low on the National Commodities and Derivatives Exchange earlier this month.
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India has raised the minimum purchase price for soybeans 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.
Get real time advice from Our Best Advisory - Capitalstars
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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