Weekly Review-Soybean

19-Jul-2024 01:40 PM

Some fluctuations in soybean prices due to buying by crushing mills

New Delhi. Despite a spectacular increase in sowing area and continued import of large quantities of edible oils from abroad, there has been a slight increase in the mill delivery price of soybean in recent days, whereas before that its price was soft for a long time and in loose it had fallen below the minimum support price (MSP). The government has increased the MSP of soybean from Rs 4600 per quintal for the 2023-24 season to Rs 4892 per quintal for the 2024-25 season.

MP / Maha / Rajasthan

During the week of July 12-18, the plant delivery price of soybean witnessed a rise and fall of Rs 25-50 per quintal in all the three top producing states - Madhya Pradesh, Maharashtra and Rajasthan. In Madhya Pradesh, it came down to Rs 4400 per quintal and could reach only Rs 4575 on the top. The situation was slightly better in Maharashtra where prices improved to Rs 4700 per quintal for some units. In Rajasthan, the plant delivery price of soybean fell by Rs 50 to Rs 4450 per quintal.

Soya oil (refined)

The price of soya refined oil softened by Rs 5-10 per 10 kg. In a unit in Mandsaur, it fell by Rs 10 to Rs 945 per kg. In Kota, Rajasthan, the price also fell by Rs 10 to Rs 970 and in Kandla, it slipped by Rs 5 to Rs 945 per 10 kg.

Soya DOC

There is limited fluctuation in the price of soya DOC. Its export performance is normal while the domestic demand has cooled down a bit. There may be some increase in it in the future.

Production

This time till July 15, the production area of ​​soybean in the Kharif season jumped to 108.10 lakh hectares, which is 25.66 lakh hectares more than the sowing area of ​​82.44 lakh hectares in the same period last year. Not only this, but this production area is also much more than the area of ​​99.35 lakh hectares in the year 2022 and the area of ​​90.32 lakh hectares in the year 2021.