Weekly Review-Soybean

27-Jul-2024 04:06 PM

Soybean prices soften due to record import of soybean oil

New Delhi. The industry-trade sector has estimated that the import of cheap soybean oil from abroad will jump by 45 percent to 4 lakh tonnes in July as compared to June, which has increased the pressure on the domestic market price of soybean. However, due to satisfactory domestic and export demand of soymeal, there was no sharp decline in top producing states like Madhya Pradesh, Maharashtra and Rajasthan during the week of 19-25 July. A good increase is being seen in the sowing area of ​​soybean, but there is also a possibility of damage to the crop due to heavy rains and floods in some areas.

Plant

During the week under review, the plant delivery price of soybean was recorded at an average of Rs 4500 per quintal in Madhya Pradesh, Rs 4600/4650 per quintal in Maharashtra and Rs 4425 per quintal in Rajasthan, which was below the minimum support price. In loose, its price has come down even further.

Arrival

At the national level, 1.95 lakh bags of soybean arrived in major mandis on 19th July, 1.70 lakh bags on 20th July, 1.65 lakh bags on 22nd July, 1.65 lakh bags on 23rd July and 1.70 lakh bags each on 24th and 25th July. Each bag of soybean weighs 100 kg.

Soya oil (refined)

Due to soft prices of soyabean, the prices of refined soya oil also fell a bit. Its price fell by Rs 15 to Rs 940 per 10 kg at a plant in Mandsaur. There was a fall of Rs 5-10 in the mills of Maharashtra as well. Refined soya oil weakened by Rs 10 each at Kota in Rajasthan and Kandla in Gujarat and by Rs 5 at Haldia in Bengal. Crude degummed soya oil prices remained soft in Kandla while its supply in the international market has started increasing. Demand for soya refined oil is expected to increase from next month. The export performance of soya DOC is normal and there is very little chance of it declining further.