The agri-commodity bourse -- NCDEX has said it will launch futures trading in animal feed 'Hi-pro soybean meal' on February 17. The futures contracts in Hi-pro soybean meal, expiring in the months of March to September will be available for trading at the time of the launch. The contract will have a trading and delivery unit of 10 tonne. The basis centre and additional delivery centre for the contract would be Indore in Madhya Pradesh and Latur in Maharashtra, respectively.
Hi-pro soybean meal is an animal feed with the high protein content of 50 per cent or more as compared with around 46 per cent in normal soymeal. With the launch of Hi-Pro soybean meal contract, NCDEX Managing Director and Chief Executive Officer Vijay Kumar said the exchange has achieved a key milestone of having all the major tradeable products in soybean complex on the derivatives platform. he added that there is no doubt that the contract will replicate the success we have achieved in soybean and refined soy oil futures contracts.
Kumar mentioned that 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. He also said ‘I am confident this contract will serve the purpose across the Soybean value chain’. 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.
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