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NAFED to Sell Soybean in Maharashtra Next Week

Abhijeet Banerjee
Abhijeet Banerjee
Soybean
Soybean

NAFED Mumbai shall open its sale tender of Soybean from February 8th onwards.  Details regarding the same are available in the NAFED website - http://www.nafed-india.com/Home/Tenders. 

NAFED will be commencing the sale of soybean, procured under PSS during the Kharif 2020-2021 season. The 2020 season crops are lying at various warehouses in the State of Maharashtra. The e-bidding session at Service Providers for sale of stock will commence as per following schedule: 

Bidding Time for Buyers for Pulses& Oilseed:   

Commodity 

Season 

 

Auction Time 

Extension 

H1 Matching 

Soyabean 

K20 

 

11:00 to 11:30 PM 

11.30 to 11.45 PM 

3:00 to 3.30 PM 

In 2020, the Maharashtra Government had directed the administration to begin operations at procurement centres by mid-October, in order to avoid exploitation of farmers by traders, once the Kharif harvest was ready. The soybean market in recent months has maintained a strong trend owing to reductions in domestic crop production estimates, increase in demand outlook and downward revisions in the carry forward estimates versus earlier projections. Strong upside rallies in edible oils had also favored the upward price action.

Soybean meal export demand has been moderate so far, but market participants are now expecting overseas purchase queries to emerge now since the Indian soy meal export offers are competitive versus its peer suppliers.  

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