Soybean outstanding stock falls by more than half

16-Sep-2024 12:23 PM

Indore. Soybean Processors Association of India (SOPA) says that at the beginning of the 2023-24 marketing season, about 24 lakh tonnes of soybean outstanding surplus stock is present,

but at the beginning of the 2024-25 season, it is likely to decrease by more than 50 percent to around 11.16 lakh tonnes.

However, during the current Kharif season, compared to last year, the production area of ​​soybean at the national level has increased by 123.85 lakh hectares to 125.11 lakh hectares and the condition of the crop is also generally said to be satisfactory,

but in some areas it is likely to be damaged due to natural disasters. Sporadic arrival of new soybean goods is likely to start soon.

It has already started in some places. The government had fixed the minimum support price of soybean at Rs 4600 per quintal for the marketing season 2023-24, which has been increased by Rs 292 or 6.3 percent to Rs 4892 per quintal for the season 2024-25. But compared to this, the wholesale market price is running much lower.

In view of this, the government has allowed the purchase of up to 40 percent soybean at the minimum support price (MSP) from farmers in states like Madhya Pradesh, Maharashtra, Karnataka and Telangana.

Heavy arrival of soybean is going to start in the markets from next month. Due to floods and rains, the moisture content in the initial incoming goods is likely to remain high, which may affect its government procurement.

The government has recently increased the import duty on edible oils by 20 percent to ensure high returns of oilseeds to the farmers.