Soybean sowing likely to decrease due to weak market price

15-Jul-2024 11:00 AM

New Delhi. In all the three top producing states - Madhya Pradesh, Maharashtra and Rajasthan, the price of soybean in loose form is below the minimum support price and the mill delivery price is around the support price.

It is known that the government had fixed the minimum support price (MSP) of soybean at Rs 4600 per quintal for the 2023-24 season, while its price is running between Rs 4000/4500 per quintal.

For the marketing season of 2024-25, the MSP of soybean has been increased to Rs 4892 per quintal, but it seems that this support price will also not attract farmers much.

One reason for this is that the support price of two major pulses of Kharif season - Arhar (Tuvar) and Urad has been increased to Rs 7550 per quintal and Rs 7400 per quintal respectively, whereas its open market price is already much higher than the support price.

Similarly, the support price of maize has also been increased well and its price also remains attractive for the farmers. 

Urad is produced on a large scale in Madhya Pradesh and Tuvar in Maharashtra and the price of both these pulses is high.

However, due to good rainfall in the southwest monsoon, there was a good increase in the sowing area of ​​soybean in the initial phase of the season as compared to last year,

one of the reasons for which is that due to lack of rain last year, soybean cultivation could not gain momentum till that time, but now the pace of sowing is likely to gradually decrease.

In the Kharif season of the year 2023, the total production area of ​​soybean reached 124.11 lakh hectares, whereas this time a decline of 5-10 percent is being expressed. 

Soybean sowing is still going on, so it would be premature to estimate the total area of ​​Kharif at the moment. A rough picture of its area is expected to come out by the end of the current month.

There is also a possibility of damage to the crop due to heavy rains and waterlogging at some places.