14 September 2024, Bhopal: In a move aimed at benefiting farmers, the state government has made a crucial decision that paves the way for an increase in soybean prices.
Farmers had been protesting and submitting petitions, demanding that the price of soybeans be set at ₹6,000 per quintal. They were also preparing for a large-scale protest under the leadership of farmer organizations, scheduled to begin on September 16. In response, the Madhya Pradesh government sent a proposal to the central government to purchase soybeans at the minimum support price (MSP), which has now been approved. The soybean procurement process has also been announced. However, farmers remain unsatisfied with the MSP, which is set at ₹4,892 per quintal, as they believe the production cost is much higher. Despite their refusal to back down from their demands, the central government has now made a major decision in favor of soybean farmers and other agricultural workers. This decision has been implemented with immediate effect and is expected to lead to an increase in soybean prices.
Key Decision by the Central Government
To safeguard farmers’ interests, the central government has increased the basic customs duty on refined palm oil, soybean oil, and sunflower oil from 12.5% to 32.5%. These new rates are now in effect, and this hike could lead to a rise in the prices of edible oils in the coming days. With the anticipated decrease in imports, local soybean farmers are expected to benefit from this decision as soybean prices rise. Additionally, the central government has also removed the Minimum Export Price (MEP) on onions and basmati rice, allowing these products to be exported at any price in the international market, which could lead to better prices for farmers.
Expected Price Trends
The impact of this decision is already becoming visible. Even before the announcement, soybean plants had started raising their prices due to pressure from farmers’ protests. On Saturday, compared to Friday, soybean procurement prices at the plants increased by approximately ₹100 per quintal. Experts predict that soybean prices will see further increases during the upcoming season, potentially reaching between ₹5,500 and ₹6,000 per quintal.
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