• CEDORA buys Soya beans from local farmers as a way of supporting their production.
• Prices of soya beans were significantly influenced when Indonesia banned exports of palm oil.
• The Association is also willing to offer competitive prices to the farmers.
Crushers and Edible Oil Refiners Association (CEDORA) says it has procured over 100, 000 metric tonnes of soya beans from local farmers from April 2022 till date, as a way of supporting their production.
Speaking in an interview with Money FM News, Association Chairperson Aubrey Chibumba said despite the prices of the commodity being competitive on the market, the Association managed to buy a substantial amount of the produce.
“The prices of soya beans were significantly influenced when Indonesia banned exports of palm oil, when this ban was in place everyone panicked because they realized that there could be a shortfall of oil, it is for this reason that demand for oil seeds including soya beans increased pushing the prices of the commodity up in April and March,” Mr. Chibumba explained.
Mr. Chibumba also stated that when Indonesia reversed the ban in the first week of June 2022, the prices of the commodity reduced to about US$150 per ton.
Mr. Chibumba has indicated that the Association is expected to procure more grain during the coming marketing season.
“Most of the Members of the Association are going to buy soya beans as much as they can because we procure the commodity to cater for the whole year,” he said.
He stated that the Association is also willing to offer competitive prices to the farmers but that this will be dependent on supply and demand