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India's Soybean Market Faces Decline Amidst Lower Plant Rates

11 Jun 2024 2:25 pm
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Mumbai, June 11 (Commodities Control) – The Indian soybean market is currently experiencing a notable downturn in prices, primarily attributed to a decrease in plant rates.

Despite a total nationwide arrival of 245,000 bags, the market has been affected by the lower production rates. Madhya Pradesh, the country's top soybean producer, contributed 110,000 bags, while Maharashtra also saw a significant arrival of 110,000 bags. Rajasthan reported 13,000 bags, and the remaining states collectively accounted for 12,000 bags.

Soybean prices across various mandis in the country have exhibited fluctuations, reflecting regional market dynamics. Madhya Pradesh witnessed prices ranging from ₹4,450 to ₹4,650 per quintal, while Maharashtra's prices hovered between ₹4,400 and ₹4,600 per quintal. Rajasthan reported prices in the range of ₹4,500 to ₹4,600 per quintal.

Soybean plant prices also displayed variations across regions, with Madhya Pradesh recording prices between ₹4,650 and ₹4,750 per quintal. In Maharashtra, plant prices fluctuated between ₹4,625 and ₹4,725 per quintal, while Rajasthan saw prices ranging from ₹4,650 to ₹4,700 per quintal.

India's soybean market is experiencing a downturn due to lower plant rates, impacting arrivals and creating regional price variations. Meanwhile, in the global market, BOT soy oil futures initially dipped but recovered to close with minor gains, settling at 43.66 cents per pound. This rebound was attributed to strength in crude oil prices. Similarly, CBOT July soybeans also saw an increase, settling up 9 cents at $11.88-1/4 per bushel, with CBOT July soymeal following suit with a $7.30 rise to $368.00 per short ton. This indicates a potentially interconnected global soybean market where factors like crude oil prices and international futures trading influence prices and trends.

(By Commoditiescontrol Bureau; +91-9820130172)

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