04 October 2024, New Delhi: In Madhya Pradesh, the wholesale prices of soybean have experienced a noticeable decline in the first week of October 2024 compared to the last week of September 2024. This trend reflects broader changes in the soybean market across various states of India, with Madhya Pradesh, being one of the largest soybean-producing regions, contributing significantly to the national pulse production.
Price Trend Analysis:
As per the weekly state-wise wholesale price data:
First week of October (01-08 Oct 2024): ₹4,162 per quintal.
Last week of September (24-30 Sep 2024): ₹4,280 per quintal.
Third week of September (16-23 Sep 2024): ₹4,432 per quintal.
The price of soybean in Madhya Pradesh has dropped by 2.76% in the first week of October compared to the last week of September, where the price stood at ₹4,280 per quintal. This is a notable reduction of ₹118 per quintal over just a week. When compared to the third week of September (16-23 Sep 2024), where the prices were even higher at ₹4,432 per quintal, the decline becomes even more significant, showing a 6.09% decrease over this period.
Year-on-Year Comparison:
Comparing the current prices with the same period last year (₹4,174 per quintal during the first week of October 2023), the price difference is minimal, showing a slight 0.29% decline from last year. While the reduction is not substantial, the current downtrend raises concerns about factors influencing the soybean market in the region, especially at a time when other states like Gujarat and Rajasthan are showing modest increases in prices over the same period.
Comparison with Other States:
While Madhya Pradesh saw a significant decrease in prices, neighboring states like Maharashtra and Gujarat have shown relatively smaller changes. For instance:
Maharashtra saw a 2.7% decline from ₹4,414 per quintal to ₹4,295 per quintal.
Gujarat experienced a marginal decrease of 0.05%, from ₹4,404 per quintal to ₹4,402 per quintal.
Meanwhile, states like Rajasthan and Telangana witnessed either stability or slight increases in their soybean prices, with Rajasthan showing a 0.28% rise in prices in the first week of October compared to the last week of September.
The decline in soybean prices in Madhya Pradesh could signal a regional oversupply or shifting demand dynamics, both domestically and internationally. Farmers and traders are keenly observing the market to gauge whether this trend will continue in the coming weeks as the harvest progresses. The next few weeks are crucial for understanding how these price movements will impact the larger soybean market in India and whether interventions are required to stabilize farmer incomes.
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