Haryana State Co-operative Supply and Marketing Federation Limited (Hafed), has ventured into the commodities futures market by signing an agreement with Kotak Mahindra Group for participating in the Ahmedabad Commodity Exchange. Hafed will have 15% share for running this the exchange.
A team of experts of National Commodity and Derivative Exchange (NCDEX) will impart training to Hafed officials, chief secretary Urvashi Gulati said at a two-day training programme on ?Commodities Future Markets? . The training programme was organised by Forward Market Commission(FMC).
Gulati emphasised the need to participate in the new developments, while protecting farmers? interests as well.
She said the state government had helped farmers in a big way by providing them various kinds of loans and subsidies. However, the role of commission agents could not be negated and they should also be placed in the new system.
Climate change still regulates our lives and also price of commodities. All these concerns should be taken care of and the focus should be that the farmers get remunerative prices of their produce, Gulati added.
Hafed managing director, Anil Malik informed that Hafed had been associated with the Commodity Exchanges since 2004.
It purchased wheat on commercial basis from Haryana mandis and hedged it on the NCDEX platform consecutively for three financial years since 2004-05 and earned profits.
It was also involved in some hedging and selling business of guar and mustard seeds on NCDEX platform.
Hafed was the first apex cooperative institution in the country which not only traded wheat stock but also gave actual delivery from its godowns.
The technical and professional competence of the officials would be raised in the ongoing training programme for managing the participation of farmers in electronic trading as in future the farmers of Haryana would be exposed to this new electronic system of trading.
Speaking on the occasion, the director of FMC, Anupam Mishra said that Hafed?s pioneering efforts in using future markets for wheat price risk management had been extensively appreciated by an international commodity specialist, Ann E. Berg in her research paper ?The Hafed Experience-Wheat Hedging on the NCDEX?.