The ban on futures and option trade has left soyabean farmers in Madhya Pradesh associated with farmer producer organisations (FPOs) in lurch as they are forced to sell their produce in local mandis, to traders and nearby processing plants at "whatever price they quote" in the absence of an efficient price discovery process.
With a big push given for setting up of 10,000 FPOs by the central government, about 1,200-odd FPOs have emerged in Madhya Pradesh alone, the home state of Union Agriculture Minister Narendra Singh Tomar.
Madhya Pradesh is the leading soybean producing state with over 40 per cent share in
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