MP soybean supplies decline to half in a month

The state is one of the biggest soybean producers of the country

Soybean supplies have declined to half in Madhya Pradesh in a month due to lower than expected prices by farmers, said traders. Madhya Pradesh is one of the biggest soybean producers of the country.

"Farmers are not bringing their produce to the market as they are not getting desired prices," said Hitesh Agrawal, a soybean trader.

Currently, around 70,000-75,000 thousand bags of 100 kg each are arriving in markets across Madhya Pradesh compared with 125,000-150,000 bags of 100 kg each a month ago. Other major soybean producing states like Maharashtra and Rajasthan are also witnessing low arrivals withaverage daily arrivals at 35,000 bags of 100 kg each and 15,000 bags of 100 kg each, respectively. Traders stated that low soy product demand has adversely affected soybean prices since beginning of this Oil year (October-September).