Soybean prices have fallen below Rs 6,000 per quintal in the country’s main markets due to the arrival of new crops and the start of soybean meal imports. The prices of raw materials had reached a record level of Rs 10,000 per quintal during the months of July and August, causing distress in the poultry and livestock sector. Soybean meal constitutes an important part of livestock feed for these sectors.
On Monday, the Latur Agriculture Produce Market Committee (APMC), a key soybean and legume market in Maharashtra, reported arrivals of 15,000 quintals with average prices ranging between Rs 5,500 per quintal and Rs 6,100 per quintal. Lalit Shah, Chairman of Latur APMC said Latur APMC had the largest commodity arrivals in the country that day. “The people in charge of the market committee were surprised to see such large arrivals at the start of the season. Prices fell due to the high moisture content of the product ranging from 20% to 22%, but the farmers had brought in the harvest in anticipation of a good income, ”he said. Arrivals on the same market on Tuesday were around 12,000 quintals and prices remained in a similar range. Soybean prices were 7,500 rupees per quintal in Indore, another large soybean market in Madhya Pradesh.