Weekly Review-Soybean
03-May-2025 07:50 PM
Soybean prices soften due to weak demand from crushing units
New Delhi. For the last few weeks, the plant delivery price of soybean remained stable or strong, but during the week of April 26 to May 2, the prices softened due to weak demand from crushing-processing units. Due to sluggish business in soybean oil and soybean meal, millers could not get the incentive to buy soybean at higher prices.
Plant
In Madhya Pradesh and Maharashtra, the plant delivery price of soybean declined by 50 to 100 rupees per quintal, while in Rajasthan the price remained largely stable. The plant delivery price of soybean is still running well below the minimum support price of Rs 4892 per quintal.
Soybean Oil (Refined)
Due to the impact of softening in soybean, the price of soybean refined oil also fell by 10 to 30 rupees per 10 kg. In a unit in Mandsaur, it fell by 30 rupees to Rs 1220 per 10 kg. Ujjain also witnessed a fall of 28 rupees. In Maharashtra's Dhule, Hingoli and Latur, the price of soya refined oil fell by 20 to 30 rupees, in Nagpur by 30-35 rupees and in Nanded by 25-30 rupees per 10 kg. In Kota and Kandla, the price fell by 35-35 rupees to 1255 rupees and 1225 rupees per 10 kg respectively, in Haldia it fell by 20 rupees to 1235/1240 rupees and in Mumbai it slipped by 10 rupees to 1250 rupees per 10 kg.
Sowing
Soyabean sowing is going to start from next month and farmers need money to procure the means of farming. Government procurement has already ended, therefore producers are forced to sell their produce at the prevailing market price.
Stock
Government agency - NAFED has a record amount of soybean stock which was purchased from farmers at the minimum support price during the Kharif marketing season of 2024-25. This agency is anxious to release its stock in the market but the government is not allowing it. It is understood that the sale of government stock of soybean can start from the end of next month (June).
Soya DOC
Due to extremely sluggish trading in soya DOC, its prices fell sharply during the week. In some units it fell by Rs 2000-3500 per tonne. There was not much demand for export while domestic demand also remained weak. Millers-processors are not getting much benefit. There is a possibility of some increase in the import of crude degum soybean oil from abroad in April.