Centre approves Madhya Pradesh govt's proposal to buy soybean at MSP
This story was originally published at 21:52 IST on 11 September 2024
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MUMBAI – The Centre has approved the Madhya Pradesh government's proposal to buy soybean from farmers at the minimum support price, the central government said in a release today. This comes on the back of soybean prices falling below the minimum support price in some parts of the country.
The minimum support price for soybean for the 2024-25 kharif marketing season (Oct-Sep) is 4,892 rupees per 100 kg. Soybean prices in the benchmark market of Indore, Madhya Pradesh, are currently at 4,225 rupees per 100 kg.
Agriculture and farmers' welfare is the top priority, said Shivraj Singh Chouhan, Union minister for agriculture and farmers' welfare and rural development, according to the release. "We received the proposal of Madhya Pradesh government...to buy soybean at MSP, we approved that proposal...," he said.
"Recently the farmers of Madhya Pradesh were worried that soybean was being sold at prices lower than MSP; earlier we had allowed states like Maharashtra, Karnataka to purchase soybean at the minimum support price," Chauhan said.
The Centre earlier approved a total procurement of 1.56 mln tn of soybean, with Maharashtra contributing 1.3 mln tn, Karnataka 100,000 tn, and Telangana 50,000 tn.
Domestic demand for soybean falls during the monsoon season, which also leads to low arrivals, Informist earlier reported, quoting traders and experts. "Soybean demand generally remains lower during the monsoon season due to several factors like seasonal consumption patterns shifting towards lighter, fresher foods, reducing the intake of heavy or oily soy-based products," said Indrajit Paul, a commodity expert. End
Reported by Taniva Singha Roy
Edited by Aditya Sakorkar
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