Sharp Rise in Soybean Prices Driven by Strong Buying
New Delhi. A reduction in sowing areas, combined with unfavorable weather and monsoon conditions, is expected to lead to lower soybean yields and a delay in the arrival of the new crop this season. Meanwhile, festive demand for refined soy oil has begun to rise, and domestic consumption of soy meal is increasing. Due to these factors, interest from crushers and processors in purchasing soybeans intensified during the week of September 26 to October 2.
Plant Prices
Consequently, the plant delivery price of this key oilseed saw a significant increase: rising by ₹100–₹225 per quintal generally, by ₹200–₹500 per quintal in Maharashtra, and by ₹350 per quintal in Rajasthan. This brought considerable relief to producers, as market prices for soybeans had been trending downwards over the previous few days.
Soy Oil (Refined)
During the week under review, refined soy oil prices saw fluctuations of ₹10–₹15 per 10 kg. Prices softened by ₹10 each in Kota, Kandla, and Haldia, while a plant in Dhule saw a drop of ₹15. Conversely, a plant in Mandsaur recorded an increase of the same magnitude.
Market Arrivals
Soybean arrivals across India are increasing steadily. Daily volumes rose from 2.25 lakh bags on September 29 to 3.10 lakh bags on September 30, before surging to 3.50 lakh bags on October 1. It is worth noting that each bag of soybean weighs 100 kg (1 quintal).
Soybean Meal (DOC)
Prices of soybean DOC rose by ₹1,000–2,000 per tonne due to strong domestic and export demand. Robust demand for soybean meal is being observed in the cattle and poultry feed manufacturing industries.
