Weekly Review-Soybean

14-Sep-2024 06:01 PM

Soybean prices improve due to increased buying by plants at lower prices

New Delhi. The Central Government has increased the minimum support price of soybean by Rs 292 or 6.3 percent from Rs 4600 per quintal for the 2023-24 season to Rs 4892 per quintal for the 2024-25 season. Earlier, the price of soybean in the three top producing states - Madhya Pradesh, Maharashtra and Rajasthan had come down to much below the support price, but during the week of 6 to 12 September, a good increase in prices was registered.

Madhya Pradesh

In Madhya Pradesh, it has been announced to buy 40 percent of soybean from farmers at the support price and preparations for this have also started. There, the plant delivery price of soybean improved to Rs 4700-4800 per quintal.

Import duty

Now the Central Government has announced to increase the import duty on edible oils by 20 percent, due to which the price of soybean may strengthen in the coming time. Its sowing has been completed and there has been some increase in the area, but there are reports of damage to the crop due to heavy rains and floods in some areas. There are indications of its psychological impact on the market.

Soya oil

The import of soyabean oil increased by 16 percent in August, but its domestic market price remained strong during the week of 6-12 September. The festive demand has also started coming. The price of soya refined oil increased by up to Rs 70 per 10 kg. Its price increased by Rs 30 in Kota, Rs 30 in Haldia and Rs 50 each in Mumbai and Kandla.

DOC

The export performance of soya meal is going well and its demand is seen to be strong in Iran and Bangladesh. The demand in the domestic feed industry is somewhat weak. The average daily arrival of soyabean is between 1.20-1.50 lakh bags. Soon new goods will also reach the markets. The government understands the concerns of the farmers and is also taking necessary steps to address them.