Soyabean prices fall in Maharashtra and Madhya Pradesh on new crop arrivals

Soyabean prices have fallen below Rs 6,000 per quintal in key markets across the country on new crop arrivals and the commencement of soymeal imports. The commodity prices had touched a record high of Rs 10,000 per quintal in the months of July and August, causing distress to the poultry and livestock sector. Soymeal forms a major part of cattle feed for these sectors.

Soyabean meal prices in India have almost doubled over last year. Domestic prices of soybean, from which soybean meal is made, have doubled in a year to Rs 81,000 per tonne from Rs 36,420 per tonne. In the global markets, however, prices of soybean and soybean meal are half the rates in India.

The Latur Agriculture Produce Market Committee (APMC), a key soyabean and pulses market in Maharashtra, reported arrivals of 15,000 quintals with average prices ranging between Rs 5,500 per quintal and Rs 6,100 per quintal. The Latur APMC recorded the highest arrivals of the commodity in the country on the day.

Prices however dropped because of the high moisture content in the commodity ranging between 20% to 22% but farmers had brought the crop in anticipation of good money.

Arrivals in the same market on Tuesday were to the tune of 12,000 quintals and prices remained in a similar range. Soyabean prices were Rs 7,500 per quintal at Indore, another major soyabean market in Madhya Pradesh.

Expressing concern over the recent rise in animal feed prices in the domestic market, the All India Poultry Breeders Association (AIPBA) has written a letter last month to the Union Minister for Animal Husbandry, Livestock, Dairying and Fisheries Giriraj Singh, “There is an acute shortage of soybean in the supply line, leading to massive price escalation. The only option is now to ensure import to cool down the prices to save livestock farmers.” The association had also asked the government to ensure key soybean-growing states to issue orders for checking hoarding of soybean and make all warehouse owners to declare stocks available with them. Madhya Pradesh, Maharashtra and Rajasthan are major soybean-growing states that produce 98 per cent of soybean in India.

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