Soybean

The Centre has procured a record 13.73 lakh tonne of soybean under the Minimum Support Price (MSP) scheme so far in the current marketing season, a senior agriculture ministry official said on Thursday. The procurement, undertaken to protect farmers from falling prices, has surpassed all previous records, with the last highest procurement being 19,483 tonne in 2018-19. "In soybean, we have achieved an all-time high procurement under PSS (Price Support Scheme). This was possible due to special efforts the ministry took to create awareness in states," the ministry official told PTI on condition of anonymity. The procurement represents 41 per cent of the total sanctioned quantity of 33.85 LT and has benefited 5.78 lakh farmers till January 13 of the 2024-25 kharif marketing season. The procurement is being carried out through nodal agencies Nafed and NCCF at a support price of Rs 4,892 per quintal across six states. Nafed has procured 9.78 lakh tonne, while NCCF has procured about 3.

Union minister Nitin Gadkari on Sunday underlined the need to increase the per-acre yield of soybeans to achieve self-sufficiency for India in the production of edible oils. He mentioned that the dependence on large-scale imports of palm oil from Indonesia and Malaysia can be reduced by promoting soybean cultivation and edible oil production on the domestic front. "There is a great need to increase the per-acre productivity of soybean to make India 'aatmanirbhar' in terms of edible oils. We also need to reduce the cost of cultivation along with this," Gadkari said while addressing the 7th International Soy Conclave in Indore via video conferencing, India imports about 60 per cent of its edible oil requirement. Gadkari said the government was taking various measures through the National Edible Oil Mission to ramp up the production of soybeans which includes the development of improved seeds of this oilseed crop. He expressed confidence that with the joint efforts of the government

The drop in imports of palm and sunflower oils brought down the country's total edible oil imports by 17 per cent to 1.53 million tons

The deputy CM was speaking at a meeting with farmer representatives in Mantralaya (state secretariat) in south Mumbai

Soybean rates in Madhya Pradesh and also in neighbouring Maharashtra had touched multi-year lows due to bumper supplies and unrestricted imports of cheap edible oils

Low soybean output could have a bearing on the prices, as it is one of the largest oilseeds grown in the kharif season

Nearly 24.86 lakh hectares of land in Marathwada will come under soybean cultivation in the upcoming Kharif season, an official said on Monday. As per the Maharashtra agriculture department's estimates, soybean may be cultivated on 24.86 lakh hectares, which comes to 49 per cent land, in Marathwada, he said. The above estimate was presented by officials during the recent review meeting for the upcoming Kharif season chaired by state Agriculture Minister Abdul Sattar in Aurangabad. Cotton, soyabean, tur dal and corn may be preferred in Marathwada in the upcoming Kharif season, he said. The proposed area under soybean cultivation is 24.86 lac hectares, followed by cotton (13.91 lakh hectares), tur dal (4.44 lakh hectares) and corn (2.31 lakh hectares), the data stated Mahabeej company will provide 67,000 quintals of seeds, while private companies will provide 4.50 lakh quintals and farmers have 24 lakh quintals to meet the need, it was stated. The state has made available 7.17 lakh

However, achieving self-sufficiency in edible oil will remain a distant dream unless drastic policy measures are taken

Loss of shipments from Ukraine, the world's top supplier of sunflower oil, and drought in the world's top soybean oil exporter Argentina had already sparked a sharp rise in global vegetable oil prices

Hu also emphasized stabilising planted grains acreage and strengthening farmland protection, reiterating policies previously laid out by central leadership, Xinhua said

Soymeal millers, processors can hold stocks only up to their 90 days of production, says circular.

The country's oilmeal exports declined by 51 per cent to 1.62 lakh tonne in November of this year due to sluggish export of soybean meal, industry body SEA said on Friday. Since India is currently outpriced for soybean meal export as compared with other countries like Brazil and Argentina, the country is unlikely to undertake shipments in the next two-three months, it said in a statement. The country had exported 3.32 lakh tonne of oilmeal in the same month previous year. Oilmeals are used as animal feed in poultry and other sectors. According to the latest data released by the Solvent Extractors' Association (SEA), export of soybean meal declined to 42,383 tonne in November of this year from 1,98,776 tonne in the year-ago period. "Soybean crush margins in India are currently squeezed by pressure on meal prices and relatively high price expectation of farmers for soybean seed which is currently quoted over Rs 6,400 per quintal," it said. Soybean meal for export at ex-Kandla port i

Trade sources said lack of clarity on whether or not import of GM soybean meal beyond Jan 31 has been allowed is raising market sentiments along with overall bullishness in the edible oils complex

Area under rice (-8.9%), soybean (-11.05%), bajra (-37.83%) and cotton (-17.51%) sees maximum shortfall

India's sunflower oil imports rose 31% to 175,759 tonnes in May, it added.

While the FM has ostensibly got her act right on imposing the levy without punishing the consumer, questions about the share of states, the rate structure and the use of funds remain

India's soybean meal exports grew two-and-a-half times to 5.99 lakh tonnes during the first quarter of current oil marketing year

Wheat prices in Delhi market are trading at Rs 1,811 per quintal

Soybean prices at the benchmark Indore market are trading at Rs 4,565 per quintal; Chana prices are trading at Rs 5,205 per quintal in the Delhi market

Soybean is trading at Rs 4,460 per quintal at the benchmark Indore markets; Seed prices at Deesa market are expected to trade towards Rs 4,570 - Rs 4,550 per quintal