New Delhi. The off-season of soybean supply has started and its sowing area is also lagging behind last year. Good demand is being seen in soy refined oil for the festive season while the demand for soymeal also remains strong. The Government of India is not ready to allow the import of GM soybean from the US. The price of soybean oil in the global market remains stable with limited fluctuations. Export duty on soybean oil has been reduced in Argentina, due to which imports in India may become somewhat cheaper.

The demand for soya refined oil is good, but its prices have fluctuated only by Rs 5 to 15 per 10 kg. Its price has already reached above Rs 120 per kg, so there is a possibility of weakening of demand at higher prices. But due to Raksha Bandhan and Ganesh Chaturthi, soya refined oil is expected to do better business in the future.

Strong domestic and export demand was seen in Soya DOC due to which its price increased by up to Rs 3000 per tonne. In a plant in Madhya Pradesh, it increased by Rs 3000 to Rs 36500 per tonne. Along with Madhya Pradesh, Soya DOC also did good business in Maharashtra and its price jumped by Rs 3200 per tonne in a plant there. Government agencies are selling soyabean from their stock while there is good demand for it in the plants. In future, if the demand for oil and oil meal remains good, then the price of soyabean may remain strong.