Soybean price gloom for farmers to continue

Despite a marked fall in sowing in Madhya Pradesh due to the slump, there's a lot of carryover stock

Farmers in Madhya Pradesh (MP) have planted less of soybean due to falling return. The prices aren’t expected to show a big rise even in 2017-18, with strong carryover stock and weak global edible oil markets.

Sowing in MP, the country’s biggest producer, has fallen to 4.8 million hectares in 2017-18, from 5.3 million hectare (mn ha) in 2016-17. More farmers in the central parts — around Hoshangabad, Harda, Sehore, Nasurullaganj, etc — opted for pulses and other crops instead.

The Centre’s recent move to raise the import duty on crude edible oils to 15 per cent from 7.5 per cent, and