Weekly Review-Soybean

08-Jun-2024 08:17 PM

Slight decline in soybean prices due to normal arrival and weak demand

New Delhi. The soybean sowing season has formally begun and this time the weather and monsoon conditions are expected to be favorable. The price of loose soybean is running below the minimum support price of Rs 4600 per quintal, while the plant delivery price is being reported to be slightly above this i.e. between Rs 4650-4750 per quintal. Preparations have started for soybean cultivation in the three top producing states - Madhya Pradesh, Maharashtra and Rajasthan and now the announcement of its minimum support price (MSP) for the 2024-25 season is awaited.

Soybean Plant

During the week from May 31 to June 6, the plant delivery price of soybean remained soft by Rs 25-50 per quintal. In May, there was a good import of soy oil from abroad, due to which its prices are maintained.

Soymeal
 

Due to the fall in the price of soybean, the price of soymeal also softened, but its export performance remained normal. The domestic demand for soya meal could not increase much due to the scorching heat.

Arrival

At the national level, the arrival of soyabean was 2.75 lakh bags on 31st May. 2.00 lakh bags on 1st June, 2.55 lakh bags on 3rd June, 1.60 lakh bags on 4th June, 2.20 lakh bags on 5th June and 1.35 lakh bags on 6th June whereas each bag weighs 100 kg.

Soya oil (refined)

The price of refined soya oil also remained somewhat soft. In a unit of Dewas, it fell by Rs 10 to Rs 955 per 10 kg. In a unit of Pithampur also the price remained soft by Rs 10. At the international level, 98% of soyabean crop harvesting has been completed in Brazil and 90% in Argentina. Sowing in America is almost about to end. Monsoon is progressing at a good pace in India, due to which soyabean sowing is expected to be done on time.