Production of soyabean is in full swing in the key growing areas of central India with the monsoon picking up in the region. As per the latest production figures released by the Soyabean Processors Association of India (SOPA), the oilseed has been cultivated on over 70 lakh hectares (lh) across the country.
With brisk production taking place in key states such as Madhya Pradesh, Maharashtra, and Rajasthan, SOPA expects the area under the oilseed to be the same or exceed last year’s levels. “Production is in progress in full swing and we are confident of reaching near last year’s figures or even a little higher, depending on how the rains progress. The next five days are crucial,” SOPA’s executive director D N Pathak said.
The Centre has announced a minimum support price (MSP) of ₹4,300 per quintal for soyabean this year (July 2022-June 2023). Prices of soyabean in terminal markets are ruling between ₹6,200 and ₹6,500, about 50 percent higher than the MSP. Soyabean prices have decreased a bit in recent months in line with the global trend.
Global prices of edible oils, which burst up with the outbreak of Russia-Ukraine war, have now declined by 30-35 percent. The decline in global edible oil prices will have an impact on the soyabean prices in India, Pathak said. “We are having huge carryover stocks. The farmer was holding the stocks till the production takes place and now I expect these soyabeans to come into the market at a good price,” he added.
