Weekly Review-Soybean
02-Nov-2024 06:55 PM
Soybean prices remain subdued due to weak demand from millers
New Delhi. The announcement of purchase by the Central Government at the minimum support price of Rs 4892 per quintal does not indicate any positive effect on the soybean market and during the week of 24-30 October, its plant delivery price declined by Rs 200 per quintal. In Madhya Pradesh, it remained at Rs 4500-4600 per quintal.
Maharashtra / Rajasthan
The price remained around this in Maharashtra and Rajasthan as well. Heavy arrival of soybean has started in the important mandis of all the major producing states, so the crushing-processing units do not need to hurry in its purchase. Farmers need money for sowing Rabi crops, whereas the government has become silent by giving assurances only, so they are being forced to sell their produce at low prices. The market can become somewhat stronger with the help of government purchase.
Soya Oil (Refined)
Surprisingly, despite the weakening of soyabean prices, the price of refined soya oil increased during the week under review. Import of soya oil from abroad is costly, due to which the domestic market price has increased. As a result, refined oil made from indigenous soyabean is also in a bullish trend.
Arrival
The arrival of soyabean has increased to 8.75 lakh bags (each bag of 100 kg) while there is not much demand for it in the mills. Due to weak domestic and export demand, the prices of soya DOC declined. It is believed that it can do good business in the coming time at a lower price.