Agri Buzz: Domestic Soybean Prices Likely To Stay Under Stress On Rising Arrivals In Coming Days

20 Oct 2022 , 02:50 PM

The Solvent Extractors Association or SEA has stated in a latest update that international price of edible oil has fallen sharply in the last 5 months and so also the domestic price of edible oil which provided a great relief to consumers during current festival period. However, the sharp fall in price has also led to drop in domestic oilseed prices which is very near to MSP, a cause of concern to Government, industry and farmers. In view of expected bumper Soybean Crop of about 120 lakh tons and about 15 lakh tons of carry forward, there is a downward trend in Mandi price and currently soybean is quoted at Rs. 4900 per quintal against MSP of Rs. 4350 per quintal. Groundnut crop is also shaping up well and harvest is in full swing. Against its MSP of Rs. 5850 per quintal, Mandi price is Rs. 6200 per quintal. Both Soybean and Groundnut prices may touch MSP by Diwali under the pressure of arrivals, which will have serious impact on farmers and will discourage them to grow oilseeds in future.Powered by Commodity Insights