3.24 lakh metric tonnes of soybean crop damaged due to rain, yet prices fall, what is the reason

Soybean Price Per Quintal in India Today : Unseasonal rains have troubled everyone across the country, due to this rain, many states have faced floods. The farmers have suffered the most due to crop failure. Let us tell you that despite the loss to the soybean crop, there is a weakness in the prices. Soybean prices are seeing a sharp decline due to high production and past outstanding stock.

what is the price of soybean
According to sources, in the coming days, the price of soybean is expected to fall to a low of Rs 4,500 per quintal. Experts have estimated about 0.34 million metric tonnes of soybean crop to be ruined due to unseasonal rains in the major soybean producing states of Madhya Pradesh and Rajasthan.

3.24 lakh metric ton crop damaged
Let us tell you that Tarun Satsangi, Assistant General Manager (Commodity Research), Origo E-Mandi says that due to unseasonal rains in the country’s largest soybean producing state Madhya Pradesh, 1,92,000 metric tonnes of soybean crop has been damaged.

How much was the loss in MP
In Madhya Pradesh, damage to soybean crop has been reported in some areas of Indore, Sagar, Mandsaur, Neemuch and Raisen districts. Tarun Satsangi said that about 4 percent of the total crop of Madhya Pradesh, which is around 1,92,000 metric tons, has been destroyed. Kishanganj in Indore, Kawai in Neemuch, Shahbad and Sakatpur in Raisen, Nahargarh in Mandsaur and Bara and Karbana in Sagar have suffered the most damage to soybean crops.

so much crop damage in rajasthan
Tarun Satsangi says that 1,50,000 metric tonnes of soybean crop has been damaged due to unseasonal rains in the state of Rajasthan. In Rajasthan, soybean is sown mainly in Hadoti region- Bundi, Baran, Jhalawar and Kota. In Rajasthan, these 4 districts have 75 percent share in soybean production. Soybean crop of 1,50,000 metric tonnes or Rs 675 crore has been damaged in these areas and in Kota district, the maximum damage to soybean crop has been around 20 to 25 percent.

Soybean production estimated
Tarun Satsangi says that despite wastage of about 0.34 million metric tonnes, soybean production in the crop year 2022-23 is estimated to be 12.14 million metric tonnes, which is 1.6 percent higher than last year’s production of 11.95 million metric tonnes. . He said that we had earlier released an estimate of soybean production at 12.48 million metric tonnes in our initial production estimate for the crop year 2022-23, which has been cut in view of the current situation.

So is soybean stock
Let us tell you that at present there is a past outstanding stock of more than 3.25 million metric tonnes of soybean in the country. At the beginning of the crop year (October-September) the level is 4 times higher than the normal stock. Half of the mustard production which is with the farmers and stockists is still not in the market. Mustard will be sown by October or early November 2022. As long as the price of soybean is trading below Rs 5,390 per quintal, the trend of falling soybean prices in Indore will continue. After this, gradually the price of soybean may fall to a low of Rs 4,500 per quintal.

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