Indonesia mulls fixing soybean prices - official

Baran Wirawan, a food crop expert who held talks with soybean importers, said the government had not decided on the exact price, but it could be between 5,500-6,000 rupiah a kilogram.
"The government may impose a price reference for soybean in the domestic market. Consequently, there would be a rule to regulate the soybean market."
U.S. soybean futures have rallied in the past weeks, with the July soybean contract on Chicago Board of Trade at an all-time high of $13.76 a bushel on Monday.
Surging soybean prices have hurt Indonesia's food industry as the country still imports nearly 70 percent of its soybean requirements.
Soybeans are used mainly in the food industry and processed into tofu and soy sauce. The industry is dominated by small and medium-sized companies.
Soaring soybean prices have boosted soybean prices in the local market to 7,500-7,600 rupiah a kilogram, up from 3,450 rupiah a kilo in early January.
Wirawan said the government will give importers time to adjust their import costs and selling price if the new plan is implemented
"If this doesn't work, we will assign Bulog to import and distribute soybeans," he told ..