Seed Industry: Soya bean Seed Processors Demand Ban on Future Trading

Soybean Processors Association of India (SOPA) which is the soya bean processors body has asked regulator Sebi to ban futures trading in soya bean seeds while alleging that "unscrupulous operators" are rigging prices of the commodity which has hit the processing industry.

Few speculators have been "rigging" the future trading in soya bean for their advantage, which has made the it’s processing unviable, said SOPA in a letter to Sebi Chairman U K Sinha.

Soybean Processors Association of India (SOPA) said "The net effect of this speculation driven price rise is that the soybean industry is suffering from huge disparity in crushing. More than 50 per cent of the soybean crushing plants have already closed down due to this speculation driven price manipulation by just a few unscrupulous operators."

Soybean meal exports during 2014-15 fell drastically to 6.46 lakh tonnes as against 28.41 lakh tonnes in the previous year, and this year exports may be even lower.

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