New Delhi. Despite the expected sharp decline in production and the ongoing peak festival season, the soybean market had been subdued for some time. However, during the week of October 11-17, prices improved by ₹50-₹100 per quintal due to lower-priced purchases by mills.

It is worth noting that the government has increased the minimum support price (MSP) for soybeans from ₹4,892 per quintal last year to ₹5,328 per quintal this year, while the loose wholesale market price and plant delivery price are trading well below that. Due to the lack of government procurement, farmers are being forced to sell their produce at throwaway prices.

On October 17, the plant delivery price of soybean was ₹4300/4500 per quintal in Madhya Pradesh, ₹4400/4550 per quintal in Maharashtra, and ₹4450 per quintal in Rajasthan, while the loose market price was significantly lower.

Refined soybean oil prices improved by ₹10-15 per 10 kg due to some festive demand. Imports/In Pithampur, Madhya Pradesh, it increased by ₹15 to ₹1265 per 10 kg. Some softening was observed at Atamour in Maharashtra. Soybean oil prices in Kota, Mumbai, Kandla, and Haldia also remained stable or softened slightly. Prices of imported soybean oil improved slightly. Soybean degum increased by ₹285.50 per tonne.

Soybean arrivals are rapidly increasing in major markets, with 5.25 lakh bags arriving on October 13th and 5.50 lakh bags arriving on October 15th. Each bag weighs 100 kg.

Soybean DOC prices remained stable in Madhya Pradesh due to normal trading, but weak demand in Maharashtra saw prices soften by Rs 500-1000 per tonne.