India Said to Consider Increasing Oilseed Prices to Boost Output

India, the largest palm oil importer, is set to consider raising the minimum prices of soybeans and peanuts by as much as 14 percent to boost output and pare reliance on imports, two government officials said.

The Commission for Agricultural Costs and Prices, which advises the government on crop prices, recommended 2,500 rupees ($45.85) per 100 kilograms (220 pounds) for black soybeans and 2,560 rupees for yellow soybeans for the year beginning July 1, said the officials, who asked not to be identified citing policy. Farmers get 2,200 rupees and 2,240 rupees respectively now. The minimum price of peanuts should be increased 8 percent to 4,000 rupees per 100 kilograms, it said.