{"id":21256,"date":"2024-09-30T09:38:00","date_gmt":"2024-09-30T09:38:00","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=21256"},"modified":"2024-09-30T09:38:03","modified_gmt":"2024-09-30T09:38:03","slug":"prices-of-soy-in-two-states-in-india-improve","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/09\/30\/prices-of-soy-in-two-states-in-india-improve\/","title":{"rendered":"Prices of soy in two states in India improve"},"content":{"rendered":"\n

India has raised farmers\u2019 prices <\/u><\/a>of soy to a minimum support price (MSP) of 4,892 rupees ($58.26) a quintal (100 kg) in three states.<\/p>\n\n\n\n

The first set of states to receive this increment were Karnataka in the southwest and Maharashtra in the west of the country.<\/p>\n\n\n\n

But it was the September 11, 2024 MSP approval in oilseed leader Madhya Pradesh (MP) in central India that bodes much significance.<\/p>\n\n\n\n

Soybean farmers here however want it to rise to 6,000 rupees<\/u><\/a> ($71.46) per 100 kg to improve their income.<\/p>\n\n\n\n

Their representatives say that they will continue to ask for this target to procure a decent income for Madhya Pradesh\u2019s oilseed growers. <\/p>\n\n\n\n

Meanwhile, they have accepted the Union government\u2019s minimum offer, which will make purchases via the state\u2019s sub-government. Before the minimum raise, the locals had feared that traders could exploit them at a below-par rate.<\/p>\n\n\n\n

Wholesale Prices of Soy in Mandis<\/strong><\/strong><\/h3>\n\n\n\n

Indeed, most wholesale prices of soy in India have been hovering between 4,000 and 4,500 rupees<\/u><\/a> ($47.64-53.55) per 100 kg. <\/p>\n\n\n\n

There were exceptional mandis (government wholesale markets), however, with double that price. On September 11, 2024, mandis in Tamil Nadu offered soybeans at between 8,000 and 9,000 rupees ($95.20-107.10) a quintal. <\/p>\n\n\n\n

Most farmers bring their produce to mandis, which offer subsidized rates through minimum price protection. <\/p>\n\n\n\n

Soyabean pricing in India is sensitive and often pits farmers against the aptly named Agriculture and Farmers\u2019 Welfare ministry<\/u><\/a>. This is why the agriculture minister Shivraj Singh Chouhan swiftly intervened by raising the price in MP following the farmers\u2019 outcry.<\/p>\n\n\n\n

In a word, the increment in farm-gate prices of soy in three states in India buffers against poor market rates. To learn more about the important soybean (Glycine max<\/em><\/u><\/em><\/a>) crop and its products in India, below are a few statistics.<\/p>\n\n\n\n

India Soybean and Soybean Oil Statistics<\/strong><\/strong><\/h2>\n\n\n\n

By production volume, India\u2019s soybean and soybean oil output are among the highest globally. In 2021, the country produced 12,610,300 tonnes<\/u><\/a> of soybeans  from 12,918,280 hectares, per FAOSTAT data. The 2022 output increased to 12,986,720 tonnes, even as acreage dipped to 12,146,580 hectares<\/u><\/a>. By 2023, India was ranking 5th<\/sup> in worldwide production of soybeans at 11,000,000 tonnes<\/u><\/a>, behind Brazil\u2019s world-beating 156,000,000 tonnes.<\/p>\n\n\n\n

In its part, India\u2019s soybean oil amounted to 1,317,200 tonnes<\/u><\/a> in 2021, according to the Food and Agriculture Organization (FAO). The 2023 estimate was at 1,730,000 tonnes<\/u><\/a>, the 6th<\/sup> highest production volume worldwide, but far below China\u2019s 17,034,000 tonnes. Despite this impressive processing, the commodity is always in high demand in India and the country frequently resorts to imports. <\/p>\n\n\n\n

Is India a major soybean and soybean oil exporter<\/strong>? <\/p>\n\n\n\n

While India consumes most of its soybean oil, it is still a major exporter. In 2021, it ranked 42nd<\/sup> worldwide in outbound shipments worth $31 million<\/u><\/a>, 1\/3rd<\/sup> of which at $9.59 million bound for Bhutan. <\/p>\n\n\n\n

Does India import soybean oil<\/strong>?<\/p>\n\n\n\n

India ranked 1st<\/sup> globally in 2021 for soybean oil imports worth $6.49 billion<\/u><\/a>, according to OEC. Key origins of this vegetable oil in 2021 included Brazil at $1.58 billion and the U.S. at $121 million.<\/p>\n\n\n\n

How high is soybean oil consumption in India<\/strong>? <\/p>\n\n\n\n

2023 estimates show that people in India consumed 4,935,000 tonnes <\/u><\/a>of soya oil. This was the 4th<\/sup> highest consumption level worldwide behind that of China, the U.S. and Brazil in descending order. <\/p>\n\n\n\n

Where are soybeans cultivated in India and for what purpose<\/strong>? <\/p>\n\n\n\n

Maharashtra and Madhya Pradesh (MP) led soy production in the 2021-22 year at 5.47% and 5.39%<\/u><\/a> national share respectively. According to the government of India, MP led the total soy area at 44.94%<\/u><\/a> while Maharashtra claimed 39.19%.  The main purposes of soybean production in India is making human food including soybean oil and soymeal for animal feed. <\/p>\n","protected":false},"excerpt":{"rendered":"

India has raised farmers\u2019 prices of soy to a minimum support price (MSP) of 4,892 rupees ($58.26) a quintal (100 kg) in three states. The first set of states to receive this increment were Karnataka in the southwest and Maharashtra in the west of the country. 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