Soybean prices are currently below the Minimum Support Price (MSP), forcing farmers to sell at ₹4,250 per quintal. The government had promised to purchase 30 lakh tons of soybeans at MSP, but only 6.5 lakh tons have been bought so far. This delay is discouraging farmers, who may opt for alternative crops in the upcoming Kharif season. The Solvent Extractors Association (SEA) has urged the government to speed up the process of purchasing a large quantity of soybeans at MSP. Agricultural Ministry Meeting On December 16, 2024, a meeting was held with the Ministry of Agriculture in Delhi, chaired by Hon'ble Agriculture Minister Shri Shivraj Singh Chouhan. The objective was to understand the suggestions and expectations of various agricultural stakeholders for the upcoming budget. Mr. Ajay Jhunjhunwala, former president of SEA, emphasized the need for the government to accelerate MSP procurement of soybeans, reinstate the Bhavantar Bhugtan scheme, maintain import duties on edible oils, and promote the National Mission on Oilseeds. Futures Trading Suspension Since December 2021, the government suspended futures trading on soybeans, mustard, and their products, as well as crude palm oil (CPO). This suspension has now been extended until January 31, 2025. SEA has urged the government to reinstate futures trading to stabilize prices and reduce the need for government intervention. Rabi Crop Sowing As of December 16, 2024, rabi crop sowing has exceeded 558 lakh hectares, which is 3 lakh hectares more than last year. However, the sowing of oilseeds has decreased. Export and Policy Updates Soybean Meal: Exports have increased to 12.06 lakh tons, but competition is rising. De-oiled Rice Bran: SEA continues to push for the removal of the export ban, which was imposed in July 2023. Indonesia B40 Program: The rise in CPO prices may affect imports into India. Coconut Oil GST: The Supreme Court has reduced the GST rate on coconut oil to 5%, except when sold as hair oil (18%).