Mumbai (Maharashtra) [India], Feb 15 (ANI): The National Commodity and Derivatives Exchange (NCDEX) will launch the hi-pro soybean meal futures contract on February 17.
The basis centre and additional delivery centre for the contract will be Indore and Latur respectively. Futures contracts expiring from March to September will be available for trading at the time of launch.
NCDEX already has soybean, refined soybean oil futures contracts in its portfolio and the launch of hi-pro soybean meal will complete the bouquet of soy complex.
"With the launch of hi-pro soybean meal contract, we have achieved a key milestone of having all the major tradeable products in soybean complex on our derivatives platform," said Managing Director and CEO Vijay Kumar.
There is no doubt that the contract will replicate the success we have achieved in soybean and refined soy oil futures contracts, he said.
"India's resurgence in the quality-sensitive Asian and European soybean meal markets, as reflected in the recent spurt in exports, raises the need for domestic producers and exporters to have a proper risk management tool in local currency. I am confident this contract will serve the purpose across the soybean value chain," said Kumar.
India's soymeal exports increased nearly six-fold to 3.36 lakh tonnes in January from 58,000 tonnes a year ago. Indonesia, France and Germany were among the top buyers of India's non-GMO soybean meal.
Hi-pro soybean meal is an animal feed with high protein content of 50 per cent or more as compared with around 46 per cent in normal soymeal. The contract will have a trading and delivery unit of 10 tonnes.
Soybean is the largest produced edible oilseed in India accounting for around 35 per cent of the country's 30 million tonne oilseed basket. Madhya Pradesh, Maharashtra and Rajasthan are the top three producing states. (ANI)