Soybean Price: Due to decrease in demand and increase in supply, the price of soybean may fall by Rs 750

In the coming days due to adequate supply against the demand and increase in sowing in the current Kharif season. soybean prices Weakness trend may continue. In the coming time, the price of soybean may fall to a low of Rs 5,500 per quintal. That is, from the current price of Rs 6,250, the prices may fall by Rs 750. According to Tarun Tatsangi, Assistant General Manager (Commodity Research), Origo E-Mandi, in the coming weeks, the price of soybean in Indore, the country’s main soybean market, will trade in the range of Rs 6,000 to Rs 6,583.

Satsangi says that after falling by Rs 6,000 from the current level, the price of soybean can touch a low of Rs 5,500. He says that if we talk about the price of the upcoming new crop of soybean, then the price can open at Rs 5,000 per quintal. Let us inform that till 31 July 2022, soybean has been sown in 114.70 lakh hectares across the country, which is 2.5 percent more than the same period last year and 13.7 percent more than the average of normal area for the same period of last 5 years.

In the current situation, there is less chance of more growth in soybean

Satsangi believes that in view of the adequate supply of soybean and weakness in crude palm oil ie CPO prices, the chances of further increase in soybean prices in the global market are less. Satsangi says that the news of crop failure has given some support to soybean in the domestic market, but it is too early to say how much damage has been done to the crop.

At the same time, according to the latest sowing data of the government, the progress of soybean crop is good. The actual status of the soybean crop will become clear by the end of August, but there is nothing to worry about as farmers have resumed sowing in the damaged areas.

Fear of pressure on prices due to weak demand

Elimination of import duty on crude soybean oil and sunflower oil, expectation of higher supply of CPO and palmolein from Indonesia and Malaysia, weak demand for soybean and mustard from millers and stockists and increase in import of sunflower oil also contributed to soybean prices. reasons for the decline. On the other hand, the crushing activity of Soyabean and Mustard at current prices is not justified due to negative crush margin.

The rain at the end of the week is good for the crop

Instead of heavy rains at the end of the week, there is a forecast of minimal to scattered weekly rains. This light rain after heavy rains is good for soybean crop because the water of the fields will be absorbed by the land. Let us tell you that soybean is the main oilseed crop of India. Its maximum production is done in Madhya Pradesh and Maharashtra. At present, the minimum support price of soybean is Rs 4300 per quintal. Last year i.e. in 2021, soybean was sold at a price of up to Rs 10,000 per quintal.

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