China Said to Buy Soybeans From Domestic Harvest to Help Farmers
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China, the world’s biggest soybean consumer, plans to stockpile the domestic crop for a fifth year in an attempt to boost farmer incomes and increase state inventories, two people with knowledge of the matter said.
The government may pay farmers 4,600 yuan ($737) a metric ton, said the people, who asked not to be identified as they’re not authorized to speak to the media. The National Development and Reform Commission will send a proposal to the State Council next week, they said. The office of commission spokesman Li Pumin declined to comment when reached by phone today.