MP: Farmers Face Soybean Blues As Price Crashes After Record Harvest

MP: Farmers Face Soybean Blues As Price Crashes After Record Harvest

Traders who heavily invested in soybean storage are also facing uncertainties.

FP News ServiceUpdated: Sunday, February 04, 2024, 09:13 PM IST
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Petlawad (Madhya Pradesh): What seemed like a prosperous season for soybean farmers in Petlawad, now become a potential financial setback, due to a sharp drop in market prices. In anticipation of a potential price increase to more than Rs 5,000 per quintal, farmers and traders stockpiled between 80,000-100,000 quintals of soybeans. However, the market sentiment shifted dramatically and prices have been steadily declining, reaching Rs 4,300 per quintal on Friday.

This sudden drop in prices has left farmers with financial anxieties. Many are concerned that they won't even be able to recover their cultivation costs, including fertiliser, seeds and labour at the current price. Farmers like Jitendra Patidar expressed disappointment, unsure how to proceed, while others like Radheshyam Dangi and Anjana worry about repaying loans taken out in anticipation of better returns.

Traders who heavily invested in soybean storage are also facing uncertainties. The reduced market fee per hundred might provide some relief, but it is unlikely to offset the potential losses incurred due to the price crash. According to agricultural produce market secretary Ashwin Vasava, the government reduced the market fee on soybeans from Rs 1.5 per hundred to Re 1 per hundred.

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