Soybean can be beneficial to farmers.
Pune: The increase in soybean rates in the state has gone up to Rs. 3700 per quintal. Soybean prices have increased due to rising demand from Iran, corn starch and mid-induced payment plan. Experts say this is a good price for farmers to sell their goods, it would be beneficial for the farmers to sell at least half the price of the price.
Because of Iran's sanctions, Iran agreed to buy India's commodity like soypand, sugar and rice in exchange for a barter system, with the benefit of soyabeen. In the past three months, the demand for soybean is increasing steadily by Iran, as well as due to drought and the incidence of US-led militancy, there has been a great decline in maize production in the country. Therefore, there has been a huge increase in soybean demand from poultry and cattle feed industry.
The central government has announced a minimum support price of 3399 rupee annually for soyabean for the current
season. During Diwali, many farmers had to sell soyabean in the mathimol region. The farmers who have stored the goods hoping to increase their prices will be benefitted.
Agricultural market analyst Suresh Mantri said, "The growing demand for international markets and domestic market has resulted in soybean prices rising to Rs 3,700. This price can be increased by another 100 to 200 rupees till the end of the season, but by then calculating the cost of harvesting and interest, it would be useful to sell the goods right now. "
Context - Agrowon, 16 January 2019