India increases minimum support prices for corn, soybean

20.07.2018

Following the threat of cheaper chicken leg imports from the US, with the second consignment arriving in Mumbai, India’s poultry industry is now facing a new problem. The central government has announced an increase in the minimum support price (MSP) of corn (+19%) and soybean (+11%) for the ongoing season, which will push up input costs.

B Soundararajan, Chairman of the Compound Livestock Feed Manufacturers Association (CLFMA) said the association welcomes the government’s move with regard to increasing farmers’ income. However, the impact of the MSP hike in corn will be more when compared with soybean and will make it difficult for the industry to take on global competition. “If the government intervenes in the market to procure, the prices will shoot up,” Mr Soundararajan added.


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