Breaking News-RTRS--UPDATE 1-China intervenes to shore up falling crop prices

BEIJING, Oct 20 (Reuters) - China will purchase grains for reserves at prices above current market levels, set up national soybean reserves and buy grains, rapeseed and cotton, in order to help shore up incomes of farmers whose commodity prices are falling sharply.
The moves are in line with a pledge by top policy makers this month to increase rural incomes. They also serve to put a floor under softening crop prices, so that discouraged farmers continue to plant crops next year.