Weekly Review- Soybean
26-Apr-2025 07:41 PM
Soybean prices soften due to weak demand from millers
New Delhi. Despite the suspension of sale of stock of government agency- NAFED, due to weak demand from millers / processors, the plant delivery price of soybean in the three top producing states - Madhya Pradesh, Maharashtra and Rajasthan during the week of 19-25 April was recorded to be 50 to 150 rupees per quintal. For the last few weeks, an environment of up-strength was being seen in the prices and in Maharashtra the price had reached 4600-4700 rupees per quintal, but now it has come down a bit.
Stock
Farmers and traders still have a good stock of soybean and its normal arrival is happening in various mandis. Sowing of soybean is going to start from June. The government agency has a record stock of this important oilseed.
Sale
NAFED is ready to sell its huge stock but in view of the request of industry organizations, it is not getting the green signal from the Ministry of Agriculture. The average daily arrival of soybean in the markets of major producing states is between 1.70-2.30 lakh bags and sometimes it is purchased well and sometimes the demand weakens. The change in demand and price of soy oil and soy meal also affects the soybean market.
Soy Refined
Despite the softening of the plant delivery price of soybean, the price of soy refined oil either remained stable or recorded minor fluctuations. In Maharashtra, its price increased by 10-15 rupees per 10 kg. Prices remained stable in Kota and Mumbai, while in Kandla it improved by 15 rupees to reach 1255 rupees per 10 kg, but in Haldia it fell by 5 rupees to 1260 rupees.
Soy DOC
The price of soy DOC weakened due to softening of soybean prices. Its domestic and export demand was also not strong during the week due to which its price fell by 500 to 1500 rupees per tonne. In a plant in Madhya Pradesh, the price of soya DOC fell by 3600 rupees to 31900 rupees per tonne. In Brazil, soybean crop harvesting and preparation is almost complete, while in Argentina it has started gaining momentum. Due to the fall in palm oil prices in major exporting countries, the import cost of soya oil is likely to be high, due to which the domestic market price may strengthen a bit.