Weekly Review-Soybean

28-Sep-2024 09:24 PM

Soybean prices soften due to weak demand from crushing mills at high prices

New Delhi. Although, in the most prominent producing state- Madhya Pradesh, it has been announced to buy about 14 lakh tonnes of soybean from farmers at the minimum support price of Rs 4892 per quintal from 25 October to 31 September and registration has also started from 25 September, but due to weak demand from plants at high prices, there was a slight softening in the prices of this important oilseed during the week of 20-26 September.

Plant

Earlier, the plant delivery price of soybean in Madhya Pradesh as well as Maharashtra and Rajasthan had increased to above the minimum support price (Rs 4600 per quintal) fixed for the 2023-24 season. It is still above. The arrival of new goods in the mandis is expected to gain momentum from next month. The plant delivery price of soybean is running between Rs 4750-4850 per quintal.

Soya Oil (Refined)

During the week under review, prices of refined soya oil registered an increase of 25 to 40 rupees per 10 kg. The increase of 20 percent in basic customs duty on import of edible oils by the government has had a positive effect on the soya oil market. Its price is running above 120 rupees per kg in most of the plants. In Mandsaur, Pithampur and Ujjain, the price of refined soya was up by 40 rupees per 10 kg. In Maharashtra, there was a rise of 50-55 rupees, while in Mumbai it jumped by 100 rupees from 1150 rupees to 1250 rupees per 10 kg, in Kota it increased by 50 rupees to 1280 rupees, in Kandla it improved by 10 rupees to 1225 rupees and in Haldia it increased by 45 rupees to 1235 rupees per 10 kg.

Arrival

Arrival of soybean was recorded as 1.90 lakh bags on 20th September, 1.70 lakh bags on 21st September, 2.10 lakh bags on 23rd September, 1.90 lakh bags on 24th September, 1.90 lakh bags on 25th September and 1.75 lakh bags on 26th September. Arrival of new soybean has started gaining momentum in Madhya Pradesh and Maharashtra.