Day: May 25, 2018

The government is likely to fix the minimum support price for 2018-19 kharif soybean at around 3,390 rupees per 100 kg. Last year, the government had set the support price at 3,050 rupees per 100 kg. The recommended price is in line with the Centre’s promise of keeping the support price of crops at 1.5 times the cost of production. In October, the government had announced the minimum support price for most rabi crops at over one and a half times the cost involved. The finance minister had said the government will extend this formula to all other crops.For 2017-18 (Jul-Jun), the government in its third advance estimate has pegged soybean output at 10.9 mln tn.