September 11, 2013

Sri Lanka to set stable prices for soy, corn

During the Yala season of 2013, Sri Lanka's soy harvest has increased 94% over last year's harvest and is estimated to yield 30,000 tonnes which has prompted the country's Treasury Department to set a stable price for the commodity.

In order to determine a stable price for the government to purchase soy and corn from the farmers, the officials of the Treasury have held a discussion with Farmers Societies and Traders.

Accordingly, the Treasury Department with a view to maintain fixed price for soy and grant higher price for the farmers, has decided to purchase soy from the farmers at a price of LKR80 (US$0.60) per kilogramme during the period from September 1 to October 31, 2013. The price will be raised to LKR85 (US$0.64) per kilogramme from November 1, 2013 upwards.

Additionally, it was decided to purchase a kilogramme of corn at a price of LKR32 (US$0.24) to LKR35.00 (US$0.26).

Sri Lanka is self-sufficient in rice, soy and corn.