Weekly Review-Soybean

22-Jun-2024 08:38 PM

Soybean prices improved slightly due to normal buying by millers
New Delhi. However, due to normal demand from crushing processing units, during the week of June 14-20, soybean plant delivery price increased by Rs 50-100 per quintal in Maharashtra and Rajasthan, but fell by Rs 25-50 in Madhya Pradesh. Soy oil is being imported regularly from abroad, while in April-May, a good increase was recorded in the export of soymeal from the country. Export offer price of soybean DOC also remained high in May.
Plant Delivery Price
The plant delivery price of soybean in the week under review decreased to between Rs 4500/4600 per quintal in Madhya Pradesh, but increased to Rs 4600/4700 per quintal in Maharashtra and improved to Rs 4650 per quintal in Rajasthan. The Central Government has increased the Minimum Support Price (MSP) of soybean for the 2024-25 season to Rs 4892 per quintal, which is Rs 292 or 6.3 percent more than the support price of Rs 4600 per quintal for the 2023-24 season. This may lead to some further increase in prices.
Soya Oil (Refined)
But the price of soya refined oil remained stable to a large extent or softened by Rs 5-7 per 10 kg. Its price fell by Rs 15 to Rs 995 per 10 kg in a unit of Dhule in Maharashtra and by Rs 7 to Rs 955 per 10 kg in a unit of Mandsaur in Madhya Pradesh. Arrival

During the week under review, 1.65 lakh bags of soybean arrived in the major producing states on June 15, 85 thousand bags on June 17, 2.55 lakh bags on June 18, 2.70 lakh bags on June 19 and 2.85 lakh bags on June 20 at the national level. Each bag weighs 100 kg.

Sowing
The soybean sowing season has officially begun. If the price level remains low, the enthusiasm and attraction of farmers towards the cultivation of this important oilseed may decrease somewhat. Import of soybean oil from abroad is likely to decrease somewhat in June.