With the approval of the State Council, China's Cabinet, the State Development and Reform Commission released Tuesday the year's minimum purchase price for late rice, which is 72 yuan (8.7 US dollars) per 50 kilograms.

According to the commission, all grain companies with procurement licenses are allowed to purchase grains at market prices. To protect the interests of farmers, however, the purchase price cannot be lower than the official minimum for late long- grained non-glutionous rice.

Earlier this year, the commission set the minimum purchase prices for early long-grained non-glutionous rice, middle-season long-grained non-glutionous rice and round-grained non-glutionous rice at 70 yuan, 72 yuan and 75 yuan per 50 kilograms.

Source: Xinhua