Farmers seen switching from pulses to soybean

May 1, 2018 at 6:05 AM , Mark Overseas
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Planting area for soybean could jump 15% as the government hike import duty on edible oil.

To support local oilseed farmers and curb rising imports of edible oils, India has raised import duty on palm oil, soy oil and other cooking oils to the highest level in over a decade.

After the hike, local soybean prices jumped to the highest level in nearly two years and thus the farmers are likely to expand soybean planting areas by nearly 15 per cent.

According to oil importers, prices of summer-sown pulses like red gram have been trading below the government set price due to higher supplies and this will prompt some of farmers to switch to soybean and

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