Soybean prices to firm as Maharashtra starts procurement

17-Nov-2025 11:48 AM

Akola. After a long wait, government procurement of soybean from farmers in Maharashtra finally began on November 15, 2025, at a minimum support price (MSP) of ₹5328 per quintal, which is expected to bring some improvement in wholesale market prices.

It is noteworthy that soybean prices fell sharply in October due to the fact that government procurement had not yet begun and the high moisture content of the grain.

However, due to heavy rainfall, severe floods, and prolonged waterlogging, which caused significant damage to soybean crops in Maharashtra, prices were expected to rise.

However, due to certain reasons, crushers and processors were not receiving adequate incentives to purchase soybean from farmers at higher prices.

During the 2024-25 marketing season (November-October), imports of cheap soybean oil from abroad jumped sharply to an all-time high of 5.469 million tonnes, an increase of 2.021 million tonnes over the 2023-24 season's gross imports of 3.441 million tonnes. Prior to this, 3.676 million tonnes of soybean oil was imported in the 2022-23 season.

On the other hand, domestic demand for soybean meal remained weak, and prices did not show significant movement.

Its export performance is also likely to be weak, as the export offer price of Indian soybean meal is higher than that of top exporting countries such as Argentina, Brazil, and the United States.

While the supply and availability of soybean meal in the domestic market remains normal, demand for it in the animal feed and poultry feed manufacturing industries is being somewhat affected by DDGS.

In Maharashtra, wholesale market prices and plant delivery prices for soybeans have improved slightly during the current month, and government procurement has now begun. Approximately 1.851 million tons of soybeans have been approved for purchase at the MSP.