Soybean prices fall on new crops


Soybean meal constitutes an important part of livestock feed for these sectors.

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.

ALSO READ  HDFC Bank, Reliance Infra, Zee Entertainment, BPCL, PVR, Inox Leisure, Dish TV shares at a glance

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.

ALSO READ  Zomato, IRCTC, Mindtree and Others See $ 1 Billion Inflows After Possible MSCI India Index Entry

Get live stock quotes for BSE, NSE, US market and latest net asset value, mutual fund portfolio, see the latest IPO news, top IPOs, calculate your tax Using the income tax calculator, know the best winners, the best losers and the best equity funds in the market. Like us on Facebook and follow us on Twitter.

The Bharat Express News is now on Telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.

ALSO READ  Share the market LIVE: Sensex reaches 60,000 points, collecting 300 pts thanks to strong global indices; Nifty exceeds 17,900, at an all time high