February 23, 2021

India's NCDEX launches soymeal futures

India's National Commodity and Derivatives Exchange (NCDEX) has launched soymeal trading on February 17, Krishi Jagran reported.

The debut trading session of "Hi-pro soybean meal" (High Protein Soymeal) recorded Rs.281 Lakhs (~US$388,000; Rs 1 = US$0.014) in value terms while total lots traded were 660 tonnes and net open interest stood at 180 tonnes.

Revival of Indian origin soymeal in the quality-sensitive Asian and European soymeal markets was reported to be reflected in the recent surge in exports, and represents demand from local producers and exporters to have a risk management tool in local currency.

Globally, India is among the top five in soybean production and soymeal exports, and the availability of a national price benchmark will serve the whole soybean value chain in India.

The basis centre and additional delivery centre for the contract would be in the western Indian cities of Indore and Latur, respectively. The present futures contracts expire between March and September 2021.