SOYABEAN PRICES
The food Indians buy is changing, and so is the scrutiny of what companies promise
India's Food Safety and Standards Authority of India has issued over 150 notices to various food and beverage companies. These notices address misleading advertisements, false claims, and labeling violations concerning multiple products. Regulatory actions involve well-known brands like ITC, AWL Agri Business, Dabur, and Hindustan Unilever. Additionally, serious food-safety violations have been flagged against companies like Priyagold and Dodla Dairy.
Food industry warns of supply shock over Super El Nino
India's food industry is alerting to a potential supply shock projected for the year 2027. Experts indicate that a Super El Nino may disrupt crop production and elevate food inflation. Growing concerns arise over the impact on sugar and oilseed production, particularly in states with severe drought conditions. The livestock sector is also preparing for increased feed costs due to these challenges.
Retail prices of cooking oils may fall after duty cut: Industry body IVPA
Cooking oil prices could ease after the government cut import duties on crude and refined sunflower, soybean and palm oils, industry body IVPA said. The cuts come ahead of the festive season, when demand typically rises. However, the impact on retail prices will also depend on global prices, freight, currency and domestic inventories.
Maharashtra drought deepens, crop output crisis mounts
State agriculture minister Dattatray Bharane has confirmed a large contraction in the production of cotton and soybean, while the agriculture department has initiated an early crop assessment to calculate compensation as farmers are removing wilted crops from fields.
Pulses, oilseed prices rise as rain deficit hits crops
Key pulse and oilseed prices have risen sharply compared to last year. Scanty rains are affecting the current kharif crop and raising rabi season output concerns. Tur and chana prices have increased significantly, while soyabean and groundnut have seen larger jumps. Forecasts of El Nino are also impacting chana prices for the upcoming rabi season. Despite output worries, industry veterans state the supply situation remains stable.
Cooking oil imports up 5% in first 10 months
India’s soyoil imports hit a record in August as refiners stocked up for the festival season, while palm oil purchases reached a six-month high. Overall edible oil imports climbed to an 11-month high of 1.57 million tonnes, with heavy buying also causing congestion at major ports.
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India’s oilseed output may fall as farmers shift to maize for ethanol
Depressed edible oil prices are pushing Indian farmers towards maize cultivation for ethanol production, potentially reducing oilseed acreage like soybean and groundnuts. This shift could increase India's dependence on edible oil imports, already at 60% of domestic needs.
Onion and soyabean farmers demand measures to boost exports
As onion and soyabean prices decline in India, industry and farmer groups urge the government for support measures such as reducing onion export duty and providing incentives for exporting soybean meal. Despite earlier import duty hikes on cooking oils, soyabean prices remain below the minimum support levels, impacting farmers' profitability. Onion exports also witnessed a 52% drop this year.
Countdown to Maharashtra Elections: Soyabean politics heats up, Mahayuti and MVA on toes
Maharashtra farmers are grappling with low soyabean prices, receiving significantly less than the Minimum Support Price (MSP). This discontent threatens to impact the upcoming assembly polls, mirroring the impact of onion prices on the Lok Sabha elections. Political parties are responding by pledging higher MSPs and bonuses to appease disgruntled farmers.
Consumers face the heat with cooking oil on the boil
Consumers in India are paying more for cooking oils like mustard, soyabean, and palm oil as demand rises due to Diwali. India increased import duties on these oils to support soybean prices. However, soybean prices remain below the minimum support price levels, affecting farmers and the edible oil industry.
Soyabean oil imports hit seasonal high in August amid fall in local soyabean prices below MSP
India's crude soyabean oil imports surged to 4,54,639 tonnes in August, while local soyabean prices fell below the minimum support price (MSP). The Solvent Extractors Association (SEA) suggested increasing import duties on edible oils to support farmers. Total vegetable oil imports declined to 15.63 lakh tonnes from 18.66 lakh tonnes a year ago.
Centre approves MSP procurement of soyabean in Maharashtra
The central government has approved the procurement of soybean at Minimum Support Price (MSP) for Madhya Pradesh, in addition to Maharashtra, Karnataka, and Telangana. This decision comes as soybean prices in the open market have fallen below MSP, causing concern among farmers. The move aims to stabilize prices and support farmers facing low market rates due to excess supply in international markets.
As govt plans to buy soyabean at MSP, industry demands increase in import duties of cooking oils
The central government will procure soyabean at Minimum Support Price in Maharashtra, Karnataka, and Telangana to support farmers. Meanwhile, the edible oil industry is urging a 15% increase in import duties on cooking oils to counteract cheap imports and stabilize domestic prices.
Election results in the onion belt increases hopes of industry and farmers for more farm friendly policies
"Soyabean prices have been low as the crushing of our own crop was less due to higher imports of cooking oils. Low import duties and low prices in the international markets led to a substantial increase in the import of cooking oils," said BV Mehta, executive director, the Solvent Extractors' Association (SEA).
Soybean farmers and poultry industry at loggerheads over extension of soymeal import window
After the soyabean prices touched the historic high of Rs 100/kg against the minimum support price of Rs 39/kg, the central government for the first time ever, allowed import of genetically modified soyameal, the main feed of poultry and also cattle and fish.
Soyabean Prices crash by 50% in a month
The sharp fall in prices has angered farmers across Maharashtra and Madhya Pradesh. Some farmers have started sharing soyabean price trends on social media. The industry has claimed that it was not the farmers but the stockists and the hoarders who had benefitted from the high rates.
Soyabean price falls 7% in Feb after rising 15% last month
The minimum support price of soyabean for 2018-19 is Rs 3,399 per quintal.
Soyabean prices up about 7% as MP scheme ends tomorrow
Soyabean traded firm across major markets in the country with a 1-3 per cent rise on Wednesday.
Soyabean on an upward curve, headed for Rs 3,600 target
Soyabean prices at NCDEX made a high of Rs 3,488 last week before closing at Rs 3,442 on Friday.
Weak rupee lifts soyabean, trend looks positive
Domestic prices took support from lower arrivals and a broad weakness in the rupee.
Soyabean prices are up 5 per cent as global prices stay firm
Traders and processors said weather could also play a spoilsport as it continues to rain continuously in the key growing state of Madhya Pradesh.
After onions and pulses, soyabean prices to be high soon
It seems that speculators are ruling the roost in the second year of Modi government. After onions and pulses, speculation has now hit soyabean.
Soyabean dips in futures trade on weak global cues
Market analysts attributed fall in soyabean prices at futures trade to offloading of positions by speculators, tracking a weak trend overseas.
Soyabean futures decline on global cues
At the National Commodity and Derivatives Exchange, soyabean prices for February contract dropped by Rs 65, or 1.75 per cent, to Rs 3,144 per quintal.
Palmoline, soyabean slide on weak global cues
Prices of palmolein and soyabean oil fell by Rs 100 per quintal on the wholesale oils and oilseeds market today largely on weak global trend.
Soya prices drop on hopes of good rains
Wholesale soyabean prices have fallen 5%-10% over the last fortnight after the met department predicted a normal monsoon.
Soyabean futures tumble on brisk selling
Soyabean prices drifted by Rs 87.50 to Rs 3,865 per quintal in future trade today on heavy selling by traders.
Fall in weekend arrival leads to flare-up in soyabean prices
Soyabean prices flared up by Rs 15-20 per quintal at major wholesale markets of the crop.
Soyabean falls on good arrivals
Soyabean prices came down in the spot and futures market on Monday with good arrivals.
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