Over 14.75 lakh tonnes of soybean purchased from farmers at MSP

18-Feb-2025 10:54 AM

The Central Government has procured over 14.75 lakh tonnes of soybean from farmers at the Minimum Support Price (MSP) for the 2024-25 Kharif marketing season, as of February 11, 2025. This procurement took place under the Price Support Scheme (PSS), with the MSP for soybean set at Rs 4892 per quintal.

The state of Maharashtra accounted for almost half of the total purchases, with over 8.36 lakh tonnes bought.

Other significant purchases were made in Madhya Pradesh (3.88 lakh tonnes), Rajasthan (98,866 tonnes), and Telangana (83,000 tonnes), along with smaller quantities in Gujarat (48,000 tonnes) and Karnataka (18,282 tonnes).

The national soybean production for the 2024-25 season is estimated at 133.60 lakh tonnes, a 3 lakh tonne increase from the previous season's production of 130.62 lakh tonnes.

As of mid-February, the model price of soybean in major mandis, such as those in Madhya Pradesh, ranged from Rs 3700 to Rs 4700 per quintal.

Soybean crushing for the 2024-25 season, recorded by the Soybean Processors Association of India (SOPA), was around 42.5 lakh tonnes between October 2024 and January 2025, which is about 10% lower than the 47 lakh tonnes crushed during the same period in 2023-24. By the end of January 2025,

there was an estimated stock of 37.4 lakh tonnes remaining. SOPA has projected domestic soybean production for the current season at 125.82 lakh tonnes.