The Soybean Processors Association of India ( SOPA) has urged the Union Agriculture Ministry not to allow National Agricultural Cooperative Marketing Federation of India ( NAFED) and National Cooperative Consumers' Federation of India (NCCF) to offload their soyabean stock before the kharif sowing of the crop is over.
Earlier, the government had agreed to SOPA’s request for stopping the sale of soybeans in the open market by NAFED and NCCF to support soybean prices, which have fallen much below the Minimum Support Price (MSP) for almost the entire current season. This move caused upward movement in soybean prices, which increased by almost Rs 4000 per ton after the announcement that NAFED will not be selling the stock before the sowing starts in June this year. We were expecting that the prices would recover further in the next two months, said SOPA in a media release issued today.
The decision to postpone the sale till June has been beneficial to all concerned, the farmers are getting a higher price, the sowing of soybean which was feared to fall because of low prices will now be normal and above all, NAFED and NCCF, who were incurring a loss of almost Rs 15000 per ton, would be getting a much higher price, reducing their losses substantially, the release added.
“We now understand that NAFED and NCCF are again preparing to offload their socks in the open market through tender. As a result of this move, the soybean prices have started falling again. We would again reiterate that selling soybeans before the sowing has ended sometime in June end, will be disastrous for all concerned and will cause heavy losses to the government and discourage the farmers. We would request that soybean stocks held by NAFD and NCCF may be sold only after the sowing has been completed,” the SOPA release said.
Earlier, the government had agreed to SOPA’s request for stopping the sale of soybeans in the open market by NAFED and NCCF to support soybean prices, which have fallen much below the Minimum Support Price (MSP) for almost the entire current season. This move caused upward movement in soybean prices, which increased by almost Rs 4000 per ton after the announcement that NAFED will not be selling the stock before the sowing starts in June this year. We were expecting that the prices would recover further in the next two months, said SOPA in a media release issued today.
The decision to postpone the sale till June has been beneficial to all concerned, the farmers are getting a higher price, the sowing of soybean which was feared to fall because of low prices will now be normal and above all, NAFED and NCCF, who were incurring a loss of almost Rs 15000 per ton, would be getting a much higher price, reducing their losses substantially, the release added.
“We now understand that NAFED and NCCF are again preparing to offload their socks in the open market through tender. As a result of this move, the soybean prices have started falling again. We would again reiterate that selling soybeans before the sowing has ended sometime in June end, will be disastrous for all concerned and will cause heavy losses to the government and discourage the farmers. We would request that soybean stocks held by NAFD and NCCF may be sold only after the sowing has been completed,” the SOPA release said.
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