New Delhi. Scattered harvesting has begun in the three top producing states of Madhya Pradesh, Maharashtra, and Rajasthan, and supply pressure is mounting in the markets.

Prices of this important oilseed experienced limited fluctuations in Madhya Pradesh and Rajasthan during the week of September 27th - October 3rd, but in Maharashtra, the plant delivery price fell by up to ₹150 per quintal.

The plant delivery price of soybean was ₹4550-4650 per quintal, well below the minimum support price of ₹5328 per quintal. This time, it has been decided to implement a price difference payment scheme for soybean farmers in Madhya Pradesh, while in other producing states, soybean will be purchased from farmers at the Minimum Support Price (MSP). The government will once again have to purchase large quantities of soybean.

However, due to festive demand, the price of refined soybean oil did not decline significantly during the week under review. Substantial imports of cheap soybean oil from abroad are occurring, and this trend is likely to continue during the current month.

Indian importers have contracted to import large quantities of crude soybean oil from Argentina. During the week under review, soybean oil prices remained stable at the previous level of ₹1270 per 10 kg in Kota, while in Mumbai, they fell by ₹10 to ₹1250 per 10 kg. Meanwhile, in Kandla, it rose by ₹15 to ₹1245 per 10 kg. The price of crude soybean oil imported from abroad remained weak.

Soyabean DOC prices in Maharashtra have been volatile, with some plants seeing a drop of up to Rs 2,000 per tonne, while others have seen an increase of up to Rs 500.