Soybean prices fall below MSP as arrivals surge during peak harvesting

Govt likely to step in for procurement in Maharashtra and Rajasthan to help farmers

Soybean prices have fallen sharply to trade below the government's Minimum Support Price (MSP) in major wholesale markets across the country, due to a surge in arrivals during the ongoing peak harvesting season.

Data compiled by government-owned web portal Agmarknet says soybean in Indore was quoted at Rs 2,711 a quintal for the week ended October 31, down 5.7 per cent from the earlier week and 43.5 per cent from the corresponding period last year. For near-month delivery, it is trading at Rs 2,822 a quintal on the National Commodity & Derivatives Exchange (NCDEX).

Normally, the government offers to purchase cereals and