Weekly Review-Soybean

29-Jun-2024 04:28 PM

Mixed trend in soybean prices as per millers' buying
New Delhi. On the basis of arrivals in the mandis and buying by crushing units, the plant delivery price of soybean was seen to be somewhat soft in Madhya Pradesh during the week of 21-27 June, while it was strong in Maharashtra. Kota (Rajasthan) also improved by Rs 50.

Madhya Pradesh

In Madhya Pradesh, the price of soybean has come below the government support price. There the plant delivery price was between Rs 4550 to Rs 4650 per quintal. In Maharashtra, it went slightly ahead of Rs 4700 per quintal, while in Rajasthan it was recorded at Rs 4550 per quintal.

Soya Oil (Refined)
The price of soya refined oil has declined by Rs 15-20 per 10 kg. Heavy imports of crude soya oil have already been done from abroad, due to which its supply and availability situation in the domestic sector has become quite easy. There has been a tremendous increase in soybean sowing area and the weather and rainfall conditions also remain favorable, which can have a psychological effect on the market. Soya oil prices softened by 5-10 rupees in Kandla. After the rise in global market prices, now it is moving towards normal level because the prices of sunflower oil are coming down.

Arrival

At the national level, 2.70 lakh bags of soyabean arrived in major producing states on 21st June, 1.10 lakh bags on 22nd June, 2.30 lakh bags on 24th June, 2.70 lakh bags on 25th June, 2.80 lakh bags on 26th June and 2.85 lakh bags on 27th June. Domestic and export demand of soya DOC remains strong.