The government has imposed storage limits on soybean meal, which is used as a raw material in the poultry feed industry, until June 2022 to curb hoarding and control rising prices. The limits will be in place until June 30, 2022, according to a statement released today by the Ministry of Consumer, Food and Public Distribution.
In addition, the government also notified an order under the Essential Commodities Act to declare “soybean meal” as an essential commodity until June 30, 2022, by amending the Schedule of the Commodity Act. essentials from 1955.
Soybean meal processors, millers and factory owners can hold a maximum inventory of 90 days and are required to report the storage location. Government registered trading companies, traders and private chaupals can hold a maximum stock of 160 tonnes with a defined and declared storage location.
If the stocks held by legal persons are greater than the prescribed limits, then they must declare the same on the portal of the Ministry of Food – http://evegoils.nic.in/soya_meal_Stock/login and bring it to the limits prescribed stock within 30 days of issuance of the notification.
The soybean meal stock is expected to be regularly reported and updated on the portal, the statement said. Data on the portal will be regularly monitored and any follow-up action will be taken by the Department of Livestock and Dairy.
“The above measures should put an end to any unfair practices (such as hoarding, black marketing, etc.) in the market with the potential to increase soybean meal prices,” the government statement said. .
Notifying soybean meal as an essential commodity will help government and states regulate the production and distribution of soybean meal.
The move will help curb unfair market practices and improve product availability for consumers such as poultry and feed producers, according to the Food Ministry.