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Informist, Thursday, Mar. 6, 2025

 

MUMBAI – The National Agricultural Cooperative Marketing Federation has started selling soybeans procured during the 2023-24 (Oct-Sept) kharif marketing season, but due to weak demand, tenders across several states have been canceled, according to a report by IGrain India. Karnataka is the only state that has seen successful bids where soybean was sold in the range of INR 4,151-INR 4,161 per 100 kg at the auction held on Monday, the report said. In most of the other states, the tenders were canceled due to low prices, it said.

 

As of Mar. 3, the agency procured 1.47 million tonnes soybean, or 43.5% of the total sanctioned quantity of 3.38 million tonnes in the 2024-25 (Oct-Sept) kharif marketing season. The Centre has allowed six states--Karnataka, Telangana, Madhya Pradesh, Maharashtra, Rajasthan, Chhattisgarh, and Gujarat--to procure soybean from farmers at a minimum support price of INR 4,892 per 100 kg for 2024-25.

 

In Maharashtra, 836,741.3 tonnes of soybean was procured, which was 59% of the sanctioned quantity of 1.41 million tonnes. In Madhya Pradesh, NAFED procured 388,796.24 tonnes of soybean, nearly 28% of the sanctioned quantity of 1.36 million tonnes. Soybean procurement in Gujarat was 48,054.81 tonnes, 42% of the sanctioned quantity of 114,015 tonnes, the data showed. NAFED has procured only 18,199.85 tonnes of soybean in Karnataka, just 16.3% of the sanctioned quantity of 111,470 tonnes. The federation has purchased 98,866.54 tonnes of soybean in Rajasthan and 81,122 tonnes in Telangana. Procurement is yet to begin in Chhattisgarh.

"Weak demand for soymeal and soyoil has led many processing plants to halt purchases," said Rahul Chauhan, director of IGrain India. Most of the farmers are not finding buyers, which is leading to uncertainty in various spot markets across the country, he said. This uncertainty may impact sowing for the upcoming season negatively, Chauhan said. The government has to intervene in time, he said. 

 

On Thursday, soybean prices were down by INR 50 at INR 3,600-INR 4,100 per 100 kg in Indore, Madhya Pradesh, with arrivals up by 200 bags at 4,200 bags (1 bag = 90 kg), Narendra Porwal, a local trader, said. The abundance of soybean in domestic markets along with poor demand has led to fall in prices of the oilseed, he added. Soybean prices are still below the minimum support price of INR 4,982 per 100 kg.  End

 

Reported by Anjali Lavania

Edited by Ashish Shirke

 

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