Soybean producers fear not getting fair prices in the markets

27-Aug-2024 05:20 PM

Indore. Sowing of soybean, the main oilseed crop of the Kharif season, is almost over and sporadic harvesting of its early sown crop is going to start from next month (September).

The wholesale market price of soybean has come down considerably and when the arrival of new goods starts in full swing from October, the pressure on its prices may increase further.

The Union Agriculture Ministry has increased the minimum support price of soybean by 6.3 percent from Rs 4600 per quintal for the 2023-24 season to Rs 4892 per quintal for the 2024-25 season, while the wholesale market price is far behind this.

The ministry fears that if the huge import of cheap soybean oil from abroad continues, it will be difficult to ensure the return of minimum support price to farmers in the domestic sector.

Keeping this in mind, it has suggested increasing the import duty on edible oils, which is likely to be seriously considered and a decision will be taken soon.

Although the Ministry of Agriculture has not suggested the exact amount of increase in import duty on edible oils,

it has definitely said that the final import cost of edible oils should not be below the cost of edible oil obtained from processing of any oilseed in the domestic sector. The indigenous edible oil industry is also constantly demanding this.

Ministry data shows that in the current Kharif season, till August 20, 2024, the production area of ​​soybean at the national level has increased to a peak of 125.11 lakh hectares,

which is 1.26 lakh hectares more than the sowing area of ​​123.85 lakh hectares in the same period last year.

Earlier, in the same period, the area of ​​soybean was recorded at 119.54 lakh hectares in the year 2022 and 19.04 lakh hectares in the year 2021.