Weekly Review - Soybean

10-Aug-2024 03:19 PM

Soybean declines due to weak demand and normal arrivals

New Delhi. The plant delivery price of soybean has fallen to a level below the minimum support price in all three top producing states - Madhya Pradesh, Maharashtra and Rajasthan, while the loose price is even lower. Contrary to expectations, the sowing area of ​​soybean has increased in the current Kharif season and the arrival of its new goods will start from October. Farmers still have a good stock of soybean and due to the import of huge quantities of cheap soybean oil from abroad, indigenous crushers-processors are not ready to buy soybean at high prices. The domestic and export demand of soymeal is normal.

Plant Price

During the week of August 2 to 8, the plant delivery price of soybean was recorded at Rs 4350/4550 per quintal in Madhya Pradesh, Rs 4400/4525 per quintal and Rs 4325/4525 per quintal in Rajasthan, which was below the minimum support price of Rs 4600 per quintal. The government has fixed Rs 4892 per quintal as the support price for the next season by increasing it by 6.3 percent.

Soya Oil (Refined)

The price of refined soya oil has also come down to Rs 94-95 per kg which is going to provide relief to the common consumers but the margin of the manufacturers is getting affected by this. Its price was recorded at Rs 960 in Kota on August 8, Rs 940 in Mumbai, Rs 930 in Kandla and Rs 920 per 10 kg in Haldia.

Arrival

In the domestic markets, 1.60 lakh bags arrived on August 2, 1.40 lakh bags on August 3, 1.20 lakh bags on August 5, 1.40 lakh bags on August 6, 1.60 lakh bags on August 7 and 1.50 lakh bags on August 8, whereas each bag is of 100 kg.

Soya DOC

Soya DOC prices witnessed a mixed trend. In July, the import of crude degummed soyabean oil within the country is estimated to increase rapidly to around 4 lakh tonnes. This has made its supply and availability situation quite easy.