Weekly Review - Soybean

New Delhi. The interest of crushing and processing units in purchasing soybeans has waned due to an increase in the arrival of new stock and the continued heavy import of cheaper soybean oil from abroad.

Consequently, during the week of October 31 to November 5, plant delivery prices for soybeans fell by ₹150–250 per quintal in Madhya Pradesh, ₹100–225 per quintal in Maharashtra, and ₹125–200 per quintal in Rajasthan. Despite this, plant delivery prices in these three top-producing states remained around or slightly above ₹7,000 per quintal, ensuring good returns for farmers.

At the national level, total soybean arrivals in wholesale markets reached 4.85 lakh bags on October 31, increasing to 6 lakh bags (each weighing 100 kg) by November 4.

The decline in soybean prices also impacted refined soybean oil, with prices dropping by ₹1 to ₹3 per kilogram. The softening of prices, even during the peak festive season, indicates that the supply and availability of soybean oil in the market remain comfortable. During the week under review, the price of soybean oil fell by ₹25 to ₹1,435 per 10 kg in Kota, by ₹15 to ₹1,405 per 10 kg in Haldia, and by ₹10 each in Mumbai and Kandla, settling at ₹1,410 and ₹1,390 per 10 kg, respectively.

Global export demand for soybean meal remains weak due to high prices. In the domestic sector, the animal feed and poultry feed industry is not showing the expected level of buying activity.

Consequently, prices of soybean DOC declined by ₹500 to ₹2,500 per tonne over the week. The softening of soybean prices also contributed to this trend.