April 11, 2013

India, the largest palm oil importer, may raise the minimum prices of soy and peanuts by as much as 14% in order to increase output and reduce reliance on imports, said government officials.

The Commission for Agricultural Costs and Prices, which advises the government on crop prices, recommended US$45.85 per 100 kilogrammes for black soybeans and US$47.02 for yellow soybeans  for the year beginning July 1, said the officials. The minimum price of peanuts should be increased to 8% per 100 kilograms, they added.

The Agriculture Ministry may seek cabinet approval next month to increase prices after consulting state governments and other ministries. According to the officials, the panel recommended raising prices for common paddy, corn, and long-staple cotton.