August 21, 2009
India keeps support prices of corn, coarse cereals unchanged
India's Cabinet Committee on Economic Affairs Thursday (Aug 20) kept the minimum support prices for corn, coarse cereals, cotton and all oilseeds, except sesame, unchanged, according to a statement.
The minimum support price is the price at which the federal or state governments and traders buy produce from farmers.
The support prices were expected to be raised as farmers are facing a sharp drop in output due to deficient rainfall.
India's annual monsoon rainfall has been 27-percent lower than the 50-year average in the June 1-Aug. 17 period. It is crucial for crops as about 60 percent of the farmlands are rain-fed.
