Muhurat deals start in soybean - prices much lower than last year

04-Nov-2024 11:07 AM

Indore. In the country's most prominent soybean producing state - Madhya Pradesh, usually after Diwali, Muhurat deals of this important oilseed are made in the mandis.

This time, due to four days holiday, Muhurat deals have started in the major mandis of the state today i.e. on 4 November 2024. Everyone's eyes are focused on this. Last year, Muhurat deals were made in Ujjain at Rs 8551 per quintal.

According to tradition, this time too, after Diwali's Laxmi Puja, trade deals in soybean started on October 31, but the initial price quoted in it was only Rs 4700 per quintal, which was about Rs 200 per quintal below the minimum support price of Rs 4892 per quintal fixed by the Central Government.

Last year, after Laxmi Puja, trade deals of soybean were made at the price level of Rs 5100/5200 per quintal. In comparison, prices were seen much lower during the current year.

Actually, last year the price of soybean was high and its average price was recorded around Rs 5500 per quintal. In Madhya Pradesh, government agencies are purchasing soybean from farmers at the minimum support price (MSP), so producers are hoping that the price of Muhurat can open at Rs 6000 per quintal or higher.

Crushers-processors (plant owners) offer the purchase price of soybean and this business is done through brokers.

After the deal of soybean purchase is done, the goods are delivered within a week. Before Diwali, the highest price of soybean was recorded at Rs 5280 per quintal in Ujjain.

According to the Grain Oilseeds Traders Association, the time of Shubh Muhurat was fixed at 9.15 am on November 4 and accordingly it was inaugurated with full rituals.