Early decision is expected in allowing the import of remaining quantity of DOC as letter written by Mr. Bahadur Ali chairman All India Poultry Breeders' Association and Managing Director IB Group to Mr. Parsottam Rupala, Minister Fisheries, Animal Husbandry and Dairying has been forwarded to Mr. Piyush Goyal Minister of Commerce and Industry, Consumer affair, food and Public Distribution. The letter has requested to control the surge in prices of soya bean seed by allowing the remaining import of DOC. It is expected the early decision will be taken on allowing the import of remaining quantity of DOC.
The All India Poultry Breeders Association last week requested the government to allow imports of 550,000 tonnes of soy meal. On the other hand Indian farmers hold soybeans as government measures cut prices resulting in reduced oil seed crushing in India. Farmers speculating on the previous year trend when the soybean prices had gone up to Rupees 100 a kilo.Expecting the same trend they are holding their stock and says that they will not sell their product below Rs. 70 a kilo. At the beginning of the 2020/21 marketing year in October 2020, soybean futures were trading at around 3,800 rupees, but prices jumped to a record 10,680 rupees in August 2021 on lower output and strong demand from the poultry industry.
The price rally prompted farmers to expand soybean planted area as sowing of summer-sown crops started in June.But before farmers could harvest their new crops, New Delhi took a series of measures to lower soy meal and edible oil prices, including allowing the first ever imports of genetically modified soy meal and slashing edible oil import taxes. Those steps sparked a correction in local soybean futures to around 5,200 rupees by late October, before the market slowly recovered to around 6,600 rupees at present. Most big growers have opted to hoard their harvest rather than sell, in anticipation that prices will rise during the lean supply season. That resulted in lower sales to soy processors during October, when soy crushing traditionally picks up.The lower soy crush levels are in turn leading to lower soybean meal supplies just as feed demand from the poultry sector has recovered. "Everybody thought soybean crushing will pick up from mid-October and enough local soy oil would be available in the market. But that is not happening. We need to import more," said a dealer with a global trading firm. India's edible oil imports in November could rise to 1.3 million tonnes compared to 1.1 million tonnes a year ago, the dealer said.
Post Date: 01 Dec 2021