Guideline Price for Soybeans Set Down

Department of Agriculture, Forestry and Fisheries

A new guideline price for soybeans in terms of the Marketing of Agricultural Products Act has been determined.

The new guideline price was published, along with the establishment of the statutory measure relating to levies, in Notice 711 in Government Gazette 41767.

The guideline price, per metric ton, for soybeans is set at R5 496.

The purpose and aim of the statutory measure is to compensate breeders of soybean varieties for their contribution towards obtaining and utilising improved international agriculture related intellectual property to the benefit of the soybean industry in South Africa.

A portion of the funds (20%) collected by means of the levy will be focused on small-scale farmers and transformation in the local soybean industry. The statutory measure, set by the agriculture, forestry and fisheries department, shall be administered by the SA Cultivar and Technology Agency NPC (SACTA).

The amounts of the levies (excluding VAT) will be as follows:

•    From 01/03/2019 to 28/02/2020 = R65 per metric ton; and
•    From 01/03/2020 to 28/02/2021 = R80 per metric ton.

This statutory measure shall come into operation on 1 March 2019 and shall lapse on 28 February 2021.

Sabinet Cape Town Office