Soybean rates spike in Madhya Pradesh, Maharashtra

The sharp rise comes weeks after MP's price deficit scheme closed in December

Soybean rates in Madhya Pradesh and Maharashtra have risen sharply since January 1 over rumours of output being lower than expected. This could affect a big section of farmers because 70-80 per cent of the crop has already been sold, sources said.

The price spike comes weeks after the sale window of the Madhya Pradesh government’s much-published Bhavaantar Bhugtan Yojana closed in December. This has sparked speculation that traders who used the scheme to their benefit are now pushing up prices to clear inventories. 

Data sourced from various agencies show that soybean rates in mandis in Madhya Pradesh have risen