Rising soybean rates cheer farmers, rattle poultry and oilseed extractors

Trade sources said lack of clarity on whether or not import of GM soybean meal beyond Jan 31 has been allowed is raising market sentiments along with overall bullishness in the edible oils complex

Despite a good harvest, soybean prices have been again on the boil the past few months, benefitting farmers on the one hand but roiling the poultry industry and a section of the oilseed extraction sector on the other.

Trade sources said lack of clarity on whether the import of genetically modified soybean meal beyond January 31 has been permitted or not is pushing up market sentiments along with the overall bullishness in the edible oils complex.

Plus, there is some element of stock holding as well at the growers’ end in anticipation of better prices ahead and speculative activity in