New Delhi. In the three top producing states - Madhya Pradesh, Maharashtra and Rajasthan as well as Karnataka and Gujarat, the arrival of new and old soybean is increasing rapidly, while government procurement is still delayed. However, last month the government had increased the basic import duty on crude and refined edible oils by 20 percent with the hope that this would increase the market price of soybean. Demand and consumption of soybean refined oil was also expected to increase during the festive season, but at least during the week of October 11-17, soybean prices did not increase, rather some decline was recorded.

During the week under review, the plant delivery price of soybean fell by 50 to 100 rupees in Madhya Pradesh to Rs 4550-4650 per quintal and by the same amount in Maharashtra to between Rs 4500-4600 per quintal. The government has increased the minimum support price of soybean from Rs 4600 to Rs 4892 per quintal, but the market price is much lower than this.