Bumper harvest brings down soya prices

NEW DELHI: Crop prices are beginning to fall as the bumper harvest reaches the market. Soybean prices are falling steadily, down 10-12% from last year.The government has estimated soybean output to rise 50% this year.

In the Indore market, a major hub for soybean, farmers were getting Rs 3000 a quintal, which at factory the price was Rs 3200 a quintal. Overall with production looking good, prices could further come down, said Anand Garg of Anand Trading Company, Indore.

Similarly, Davish Jain, chairman of the Soybean Processors Association of India said that the crop was looking good and arrivals were expected to jump in the next fortnight ahead of Diwali, leading to a further slump in prices.

Jain who has just come back from a visit of Thailand, Philippines, Vietnam, Indonesia and Japan, said the export opportunity looked promising this year.

As per industry estimates, India can export 3-4 million tonnes of soymeal this year compared to just 0.4 million tonnes last year.