New Delhi. The wholesale market price and plant delivery price of soybean have been running much below the minimum support price of Rs 4892 per quintal for a long time. Despite record government purchases, the expected boom in the market could not be created. Its prices are fluctuating within a limited range. During the week of February 3 to 9, soybean prices were seen to be somewhat strong in the three top producing states - Madhya Pradesh, Maharashtra and Rajasthan. Its price improved by Rs 25 in Rajasthan, Rs 25-50 in Madhya Pradesh and Rs 50-100 per quintal in Maharashtra.

There was good demand for soy refined oil, due to which its price increased by Rs 25 to Rs 45 per kg. It is believed that due to the time of Lagnasara and auspicious festivals, soy refined oil is currently doing good business. In a unit in Pithampur, Madhya Pradesh, its price increased by Rs 45 to Rs 1260 per 10 kg.

The price also improved in the mills of Maharashtra. The price of refined soya oil increased by Rs 35 to Rs 1280 per 10 kg in Kota and improved by Rs 20 to Rs 1230 per 10 kg in Kandla, while it remained at the old level in Mumbai and Haldia.

The arrival of soyabean in the markets is becoming normal. On May 5, 1.85 lakh bags of soyabean were supplied while each bag is of 10 kg or one quintal. Soyabean sowing is going to start from next month. Generally, in view of the weak market price, there is a possibility of a 5-10 percent decline in its production area. The focus of the farmers is on the next minimum support price, which is likely to be announced in the next few days.

Mixed trend was seen in soya DOC. Industrial demand remained normal but purchases for export purpose were somewhat less. Brazil-Argentina has a huge stock of soybean and its products and prices have also remained stable to a large extent. During the 2024-25 season, a record production of 1690 lakh tonnes of soybean has been estimated in Brazil while Argentina is expected to produce 500 lakh tonnes. The soybean market may remain in a normal fluctuating environment for some time.