Soybean oil prices likely to remain strong in near future

04-Jun-2024 06:41 PM

Indore. During the last few days, soybean oil prices have increased by Rs. 40 per 10 kg because on one hand its demand remains strong and on the other hand, the supply side has weakened a bit.

It seems difficult for its prices to soften much in the next few days. Soybean oil prices remain strong in the international market.

Meanwhile, in the domestic sector, sales by plants had reduced at lower price levels. Within the last fortnight, soybean oil prices have increased by Rs. 40 to Rs. 1045 per 10 kg. Due to reduced selling pressure, soybean refined oil in Maharashtra increased by Rs. 400 to Rs. 9700/9800 per quintal and in Madhya Pradesh to Rs. 9650/9700 per quintal. Meanwhile, it softened at Kandla port.

On an average, 2 lakh bags (each bag of 100 kg) of soybean are arriving daily in the mandis of the three top producing states - Madhya Pradesh, Maharashtra and Rajasthan. Its loose price is Rs 4400-4500 per quintal and the plant delivery price is Rs 4700-4800 per quintal.

The minimum support price of soybean for the 2023-24 season has been fixed at Rs 4600 per quintal, while it is going to be announced soon for the 2024-25 season. Monsoon is reaching Maharashtra and hence the soybean sowing campaign is expected to start there in the next few days.