Soybean supplies have fallen by 15% in the first two months of the 2024-25 oil year as farmers have held back their crops in anticipation of better prices. Prices have fallen below the minimum support price of ₹4,892 to less than ₹4,200 per quintal. As global supplies of soybeans are increasing, so are prices due to lower demand for soya meal both domestically and internationally. Soya meal production has been reduced due to lower supply.
Imported soybeans have come down from 6.25 lakh tonnes to 3 lakh tonnes. Demand and consumption levels are expected to increase in the future. However, soybean prices are not yet fixed as demand is much lower than expected.
