Weekly Review-Soybean

15-Jun-2024 07:25 PM

Soybean prices fall due to weak demand for oil and DOC

New Delhi. Due to increasing heat, the demand for soy oil and soy meal has started weakening while the import of soybean oil from abroad is also increasing. Due to various reasons, the crushing of soybean in Argentina and Brazil was hampered, due to which the price of soybean oil in India increased a bit, but now stability is being seen in it. During the week of 7 to 13 June, the plant delivery price of soybean in the country's three top producing states - Madhya Pradesh, Maharashtra and Rajasthan registered a decline of 50-100 rupees per quintal. In Madhya Pradesh, the price fell to 4600-4700 rupees per quintal and in Maharashtra to 4500-4600 rupees per quintal. In Rajasthan, the price fell by 50-75 rupees to 4600 rupees per quintal, which is equal to the minimum support price.

Soya Oil (Refined)

Due to softening of soyabean prices, the price of refined soyabean oil also fell by 5-10 rupees per 10 kg. The price was down by 10 rupees each in Khandwa and Mandsaur units of Madhya Pradesh, but it rose by 20-30 rupees in Maharashtra. The price remained stable in Haldia. There was some increase in the price of imported soyabean oil.

Soya DOC

Mixed trend was seen in the prices of soyabean DOC. Due to severe heat, there is limited demand for it in poultry feed and animal feed manufacturing industry, but its export performance is normal. More than 16 lakh tonnes of soyabean meal had been exported till May. Soyabean sowing has started in South India, while farmers in northern states are waiting for monsoon.

Arrival
At the national level, the arrival of soybean was recorded as 2.75 lakh bags on June 7, 75 thousand bags on June 8, 2.25 lakh bags on June 10, 2.35 lakh bags on June 11, 2.15 lakh bags on June 12 and 2.20 lakh bags on June 13. Each bag of soybean weighs 100 kg.