Soya meal witnesses sudden splurge in price in India

17 May 2021 | News

The Animal Husbandry and Fisheries Department has recommended duty-free import of soya meal Image source: Shutterstock Image source: Shutterstock

The poultry industry had run into losses of over Rs 26,000 crores in just three months in 2020, owing to misinformation about COVID 19 spreading from the consumption of chicken and a nationwide supply chain and logistics logjam.

This impacted not only the poultry industry but other auxiliary industries, such as the livestock feed manufacturers. With the second wave of COVID hitting the country, the sector is facing new hurdles that are implicating the poultry farmers and the livestock feed manufacturers, gravely. 

Soya meal, one of the main components of livestock feed having 30 per cent share in the feed composition, has witnessed a sudden splurge in the price.

The Indore market price of Soya meal 46 per cent protein during March 2020 was Rs 30,000 Ex-plant. The price currently has gone up to Rs 54,500 per MT Basic. As compared to previous year, the Soya meal price has increased by a whopping hike of 82 per cent. There is no particular reason or this type of abnormal price increase, as there are ample Soya stocks available in the market.

Taking note of the situation, the Animal Husbandry and Fisheries department, issued an office memorandum to the undersecretary of the Department of Commerce, recommending duty-free import of 12 lakh metric tonnes of soya meal to avoid further ramification of losses for the sector.

This recommendation was in response to a request made by the industry, which had raised the issue early in April. The letter has also requested regulation of soyabean commodity trade on commodity exchanges, which would end speculation-driven surge in soyabean prices.

 

 

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