Mumbai, May 08 (Commodities Control) - The Indian soybean market is facing a notable decline in arrivals, a trend attributed to the recent surge in oil prices.
Total soybean arrivals nationwide have reached 210,000 bags, with Madhya Pradesh, the leading soybean producer, contributing 85,000 bags. Maharashtra reported a substantial arrival of 100,000 bags, while Rajasthan contributed 13,000 bags. The remaining states collectively accounted for an additional 12,000 bags in cumulative arrivals.
Market dynamics across various mandis have led to price variations. In Madhya Pradesh, soybean prices ranged from Rs 4,550 to Rs 4,750 per quintal. Maharashtra witnessed fluctuations, with prices hovering between Rs 4,500 and Rs 4,725 per quintal, while Rajasthan reported prices ranging from Rs 4,550 to Rs 4,725 per quintal.
Soybean plant prices have also exhibited variability across regions. In Madhya Pradesh, prices ranged from Rs 4,800 to Rs 4,900 per quintal, while Maharashtra saw fluctuations between Rs 4,750 and Rs 4,850 per quintal. In Rajasthan, plant prices were recorded in the range of Rs 4,750 to Rs 4,825 per quintal.
The correlation between oil prices and soybean arrivals underscores the interconnectedness of global markets and their impact on agricultural commodities. As oil prices continue to influence market dynamics, stakeholders in the soybean industry remain vigilant in navigating these fluctuations to ensure stability and sustainability in the sector.
(By Commoditiescontrol Bureau: +91-98201 30172)
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