Soybean Price Surge in Madhya Pradesh’s Top 10 Markets: Latest Arrival Report
08 October 2024, New Delhi: Soybean arrivals across the key markets of Madhya Pradesh have displayed a fluctuating trend in both prices and quantities. The data for 8th October 2024 shows significant variations compared to previous weeks, months, and years, reflecting the market’s dynamic nature driven by multiple factors such as weather conditions, farmer stock holding, and demand in the commodity market.
Overview of Soybean Arrivals & Prices
Madhya Pradesh, being the largest producer of soybean in India, continues to witness diverse market behavior across its top markets. As the sowing season progresses, market arrivals and prices of soybeans reflect changes driven by both domestic consumption and international demand for soybean meal and oil.
Dewas Market:
- Price (Today): ₹4200 per quintal (Max: ₹4670, Min: ₹501)
- Last Week’s Price: ₹4000 (Max: ₹4834, Min: ₹851)
- Last Month’s Price: ₹4500 (Max: ₹4500, Min: ₹4400)
- Last Year’s Price: ₹4050 (Max: ₹4200, Min: ₹3170)
- Arrivals: 672.22 metric tonnes (MT)
The Dewas market, one of the largest markets for soybean in Madhya Pradesh, saw arrivals of over 672 MT on 8th October. Prices have increased slightly over the past week and have remained stable compared to the same time last year. The increase in arrivals reflects positive farmer sentiment due to better yield expectations this season.
Agar Market:
- Price (Today): ₹4383 per quintal (Max: ₹4508, Min: ₹3533)
- Last Week’s Price: ₹4300 (Max: ₹4738, Min: ₹1500)
- Arrivals: 482.81 MT
The Agar market also witnessed an increase in soybean prices, with the current rate of ₹4383 per quintal, higher than last week. Arrivals have also slightly decreased, showing a reduction from 579 MT to 482 MT.
Sehore Market:
- Price (Today): ₹4300 per quintal (Max: ₹4635.5, Min: ₹2750)
- Last Week’s Price: ₹4487.5 (Max: ₹4689, Min: ₹3663)
- Arrivals: 448.66 MT
The Sehore market has witnessed a slight decline in prices this week, dropping from ₹4487.5 per quintal to ₹4300. Arrivals have significantly increased over the past month, showing 448 MT today compared to just 2.35 MT last month. This suggests better crop availability.
Khandwa Market:
- Price (Today): ₹4283.33 per quintal (Max: ₹4439, Min: ₹3600)
- Last Week’s Price: ₹4225 (Max: ₹4385.5, Min: ₹3217.5)
- Arrivals: 441.27 MT
Soybean prices in Khandwa have risen slightly compared to last week, with the arrival quantity remaining almost constant.
Khategaon Market:
- Price (Today): ₹4130 per quintal (Max: ₹4341, Min: ₹2101)
- Arrivals: 419.46 MT
In Khategaon, arrivals have reached 419 MT, but data for last week or last month’s prices is unavailable. Nonetheless, the current price of ₹4130 per quintal suggests a competitive market.
Biaora Market:
- Price (Today): ₹4300 per quintal (Max: ₹4450, Min: ₹1000)
- Last Week’s Price: ₹4125 (Max: ₹4690, Min: ₹3095)
- Last Month’s Price: ₹4465 (Max: ₹4555, Min: ₹3675)
- Arrivals: 365.57 MT
Prices in Biaora have slightly increased, with arrivals showing a substantial increase from last month. The improvement in both price and quantity is indicative of good market sentiment.
Pachaur Market:
- Price (Today): ₹4000 per quintal (Max: ₹4575, Min: ₹2605)
- Last Week’s Price: ₹3800 (Max: ₹4755, Min: ₹2500)
- Arrivals: 327.99 MT
Pachaur shows a slight improvement in prices compared to last week. Arrivals have also gone up marginally, highlighting consistent market participation.
Badnawar Market:
- Price (Today): ₹4369.5 per quintal (Max: ₹4559.5, Min: ₹3324.5)
- Last Week’s Price: ₹4286.5 (Max: ₹4753, Min: ₹3074.5)
- Last Year’s Price: ₹4600 (Max: ₹4625, Min: ₹4600)
- Arrivals: 319.37 MT
Badnawar is showing a steady increase in soybean prices, while arrivals are stable. The prices remain competitive as they hover close to last year’s levels.
Ujjain Market:
- Price (Today): ₹4200 per quintal (Max: ₹4700, Min: ₹2100)
- Last Week’s Price: ₹3900 (Max: ₹4814, Min: ₹1332)
- Arrivals: 307.79 MT
In Ujjain, the price has increased by ₹300 from last week, while arrivals have improved significantly, showing positive activity in the market.
Harsood Market:
- Price (Today): ₹4100 per quintal (Max: ₹4223, Min: ₹117.5)
- Last Week’s Price: ₹4016.67 (Max: ₹4273.33, Min: ₹3022.33)
- Arrivals: 303.06 MT
Harsood experienced stable prices, with minimal fluctuations from last week. Arrivals, however, show a minor increase, reflecting a stable market.
Market Trends and Outlook
Across Madhya Pradesh, soybean prices are showing positive momentum in most markets as arrivals remain strong. The slight increases in prices, combined with consistent or rising arrival volumes, are reflective of an optimistic market outlook driven by increased demand and better crop yields. Some markets, such as Dewas and Sehore, witnessed a jump in arrivals from last month, indicating better harvest management and supply chain efficiency.
The steady increase in prices across the state also points to the rising demand for soy products and the possibility of further price hikes as the season progresses. Given the historical trend, October could witness even higher prices as Diwali approaches, and demand surges for oilseed processing.
Farmers, traders, and processors will be keenly watching the soybean market as it holds a pivotal role in India’s oilseed sector. The arrival data and price trends from this report suggest that Madhya Pradesh will continue to play a dominant role in soybean production and trade for the coming months.
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