Breaking News-RTRS-China to buy extra domestic soybeans for reserves

BEIJING, April 30 (Reuters) - China has raised its domestic soybean buying target by 21 percent to 7.25 million tonnes, the State Administration of Grain said on Thursday, in a push to help farmers sell last year's surplus before the planting season.
The agency increased its existing target for soybean purchases by 1.25 million tonnes because farmers are struggling to sell in a market swamped by record import volumes -- which were prompted in part by China's own soy buying campaign.
Buying will continue until the end of June, with the government offering its previous purchase price of 3,700 yuan ($542.2) per tonne, around 300 yuan higher than the price of imported U.S. soybeans arriving in China this week.