New Delhi. Due to reduced arrivals in the markets and strong demand for the product, crushing and processing units showed strong interest in purchasing soybean during the week of November 8-14, leading to an increase of ₹100-₹200 per quintal in its plant delivery price.

The plant delivery price of soybean was recorded at ₹4600-₹4700 per quintal in Madhya Pradesh, ₹4750-₹4900 per quintal in Maharashtra, and ₹4750 per quintal in Rajasthan. It is noteworthy that the Bhavantar Yojana (Bhaavantar Scheme) for soybean is in effect in Madhya Pradesh, while in Maharashtra, government procurement of soybean from farmers at the minimum support price had not begun until November 14. Despite the improvement in prices, the plant delivery price of soybean remained well below the minimum support price of ₹5328 per quintal.

Refined soybean oil prices also increased slightly due to improved soybean prices. In Mandsaur, Madhya Pradesh, the price increased by ₹13 to ₹1245-₹1250 per 10 kg. Soybean oil prices improved by ₹15 each in Kota and Haldia, and ₹10 each in Mumbai and Kandla. There was also some growth in the international market, which impacted the domestic market.

Soybean arrivals are being received in important markets in major producing states. On November 10th, supplies increased to 9 lakh bags, while on November 11th and 12th, the quantity was recorded at 8.50 lakh bags each. Each soybean bag weighs 100 kg, or 1 quintal.

Soybean DOC saw strong trading in Maharashtra during the week under review, driving its price up by ₹2,000-₹3,000 per tonne. At one plant, the price jumped by ₹3,500 to ₹38,500 per tonne. Most plants saw prices hover around ₹34,000 per tonne or above. Government procurement of soybean from farmers under the Price Support Scheme (PSS) began in Maharashtra on November 15th.