Decision to purchase 14 lakh tonnes of soybean at support price in Madhya Pradesh

25-Sep-2024 12:06 PM

Bhopal. Madhya Pradesh, the country's largest soybean producing state, is expected to have a good yield of this important oilseed crop during the current Kharif season, while the market price is going down.

In view of this, the Madhya Pradesh government has decided to buy about 14 lakh tonnes of soybean from farmers at the minimum support price (MSP).

It is noteworthy that the Central Government has fixed the minimum support price of soybean at Rs 4892 per quintal for the 2024-25 season, which is Rs 292 or 6.3 percent more than the support price of Rs 4600 per quintal fixed for the 2023-24 season.

This purchase of soybean under the Price Support Scheme (PSS) of the Central Government will provide great relief to the farmers of the state who are troubled by the weak market price.

The soybean production area at the national level has increased by 1.26 lakh hectares from 123.85 lakh hectares last year to 125.11 lakh hectares in the current Kharif season, which is more than the five-year average area of ​​122.95 lakh hectares.

This time the crop has benefited from good monsoon rains, but there are also reports of damage to soybean crops due to floods and waterlogging in some areas. Despite this, overall its domestic production is expected to be better than the last season.

The government has recently increased the basic import duty on edible oils by 20 percent, which is likely to have a positive psychological impact on the oilseed-oil market.

An atmosphere of ups and downs has been seen in the wholesale market price of soybean for the last few days.

Sporadic arrivals of its new goods have started in which the moisture content is high. Rains in Madhya Pradesh can now prove to be harmful for the early sown soybean crop.