Mumbai: There has been a recent change in the equations of oilseed market in the country. Even before this, the government has purchased a lot of soybean and the government has also deposited a lot of stock of soybean. Recently, there were rumors that the government could come to the market to sell soybeans.
According to the Soybean Processors Association of India, the government has been requested not to sell soybean in the market at this time. The government had procured these soybeans under the first price support scheme. The association has requested the government that this quantity should be sold only after July.
Market experts were indicating that the market price of soybean at production centers was running below the support price. If the government sells the remaining stock in the market, then the pressure on the market will increase and soybean farmers will also suffer losses. There was a possibility of impacting kharif sowing in the market.
According to sources in the government institution National Agricultural Cooperative Marketing Association (NEFED), the government has bought around 14 to 1.5 million tonnes of soybeans in a support price of Rs 4,892 per quintal in Kharif marketing season 2024-25. Out of this, 8 to 9 lakh tonnes of soybeans were purchased from Maharashtra, while about 4 lakh tonnes of soybeans were purchased from Madhya Pradesh. According to government estimates, the soybean crop in the country is expected to be around 13.3 to 13.4 million tonnes, which was around 13.0 to 13.1 million tonnes last year. The association has sent a letter to the Union Ministry of Agriculture requesting the government not to sell immediate soybeans.
Recently, rumors were spread in the market that the government will sell soybeans in the market from March 3. The market price of soybean in the mandis of various productive centers of the country is currently running around Rs 3,900 to Rs 4,100. In contrast, the market price has been lower than the government support price, while the support price of the government has been Rs 4892. Soybean sowing in the country begins in the third week of June, and the market estimated that if the government would now sell soybeans, it would affect new sowing. The Ministry of Agriculture has been requested to release Soybean for sale after July 15.
