New Delhi. Strong demand for soybeans continues from crushing and processing units as prices of soybean oil and soymeal have risen in recent days. Government procurement in Maharashtra and Rajasthan has also strengthened soybean prices. The Bhavantar Payment Scheme is operational in Madhya Pradesh. Imports of soybean oil from abroad have been relatively low, and a severe drought in several parts of Argentina has posed a serious threat to the soybean crop.

During the week of January 31st to February 6th, soybean plant delivery prices in the three top producing states – Madhya Pradesh, Maharashtra, and Rajasthan – increased by Rs. 100-150 per quintal, reaching Rs. 5800-6000 per quintal. The Minimum Support Price (MSP) for soybeans is fixed at Rs. 5328 per quintal, while the plant delivery price has been significantly higher than this for several days.

Soybean arrivals in the mandis (wholesale markets) have been limited. On a national level, 2.50-2.50 lakh bags of soybeans were supplied on February 3rd and 4th, and 2.80 lakh bags on February 6th, with each bag weighing 100 kg.

During the week under review, soybean DOC prices in Maharashtra witnessed fluctuations of Rs. 500 to 1500 per ton amidst mixed trading, but still remained in the range of Rs. 45000-46000 per ton. High prices are likely to impact soymeal exports.

As far as refined soybean oil is concerned, its prices also saw some improvement. The price increased by Rs. 10 in Kota to Rs. 1410 per 10 kg, while in Kandla and Haldia, it improved by Rs. 5 each, reaching Rs. 1365 per 10 kg.