Soybean prices soften before the announcement of assembly elections in Maharashtra

28-Aug-2024 07:49 PM

Indore. There has been no official or formal announcement for the assembly elections in Maharashtra yet, but in the neighboring state- Madhya Pradesh, the wholesale market price of soybean has started going towards the abyss.

Due to this, the disappointment and restlessness of the farmers is increasing. In a village in Mandsaur district, a farmer destroyed his almost developed soybean crop by driving a tractor in the field because due to the market price coming down to a very low level,

he felt that it was difficult to recover the cost, let alone get profit from the sale of the crop. That farmer is also advising other farmers to destroy their crops.

The wholesale market price of soybean in Madhya Pradesh and neighboring states has come down to Rs 3500-4000 per quintal, which is considered to be the lowest level of the last 10-11 years.

The Central Government has increased the Minimum Support Price (MSP) of soybean by 6.30 percent to Rs 4892 per quintal for the marketing season of 2024-25. The market price of soybean is running much lower than the support price.

The production area of ​​soybean has increased from 123.85 lakh hectares last year to 125.10 lakh hectares in the current Kharif season.

According to industry and trade analysts, along with the expectation of better production, huge imports of cheap soybean oil from abroad are also a major reason for the fall in soybean prices.

The preparation for harvesting the new crop of soybean usually starts after mid-September and reaches its peak in October-November.

The government has already announced the decision to impose zero duty on the import of edible oils till March 2025.

Critics say that soybean plays an important role in strengthening the agricultural economy of Madhya Pradesh and if farmers do not get a profitable price for their produce, then the attraction towards the cultivation of this major oilseed will decrease.