Weekly Review-Soybean

31-Aug-2024 04:55 PM

Some improvement in the plant delivery price of soybean due to increase in buying at lower price

New Delhi. Due to import of cheap soybean oil in large quantities from abroad, pressure on the domestic market price of oilseeds-oil and increase in the sowing area of ​​oilseeds, the price of soybean had come down to much below the minimum support price, but during the week of 23-29 August, due to the purchase of millers, it registered an improvement of Rs 100-200 per quintal.

Madhya Pradesh

In Madhya Pradesh, the plant delivery price of soybean increased to Rs 4500/4600 per quintal. Almost the same situation prevailed in Maharashtra and Rajasthan.

Maharashtra

In two-three plants of Maharashtra, the price reached Rs 4700 per quintal. The government has increased the minimum support price of soybean by 6.3 percent to Rs 4892 per quintal for 2024-25.

Production

Government data shows that at the national level, soybean production area has increased from 123.85 lakh hectares last year to 125.10 lakh hectares this time.

Soya Oil (Refined)

With the improvement in the price of soybean, the prices of refined soya oil also increased by 10-20 rupees per 10 kg. In a unit of Mandsaur, the price jumped by 45 rupees to 986 rupees per 10 kg. The price of refined soya oil increased by 15 rupees each in Kota, Mumbai, Kandla and Solapur and by 10 rupees in Haldia. The import cost of soyabean oil at Kandla port increased by 5 dollars to 1035 dollars (August delivery) per tonne.

Arrival

In the domestic division, the arrival of soybean was recorded as 95 thousand bags on 23 August, 1.15 lakh bags on 27 August and 1.05 lakh bags on 29 August whereas each bag is of 100 kg. Soybean sowing is almost over. There has been some increase in the sowing area but in some places the crop has been damaged due to floods and rains. Its sporadic harvesting and preparation is likely to start from next month. The government has promised to provide fair price to the farmers.