Soybean prices dipping to 10-year low may impact Maharastra government

NEW DELHI: While the spiralling onion prices jolted the coalition government in Maharashtra during the Lok recently concluded Sabha elections, it is the plummeting soybean price that is set to impact it in the upcoming assembly polls.

The wholesale price of soybean has crashed to a 10-year low in August. Ranging from Rs 3,200 to 3700 per quintal across different mandis of the state, the soybean prices were way below the Minimum Support Price (MSP) declared by the Union government for 2024.

The Centre had increased the MSP of soybean for the 2024-25 kharif crop marketing season to Rs 4,892 per quintal, an increase by `292 from the `4,600 per quintal during the season before.

The current drop of 35 per cent in soybean prices (as compared to the MSP), is set to incur Rs 1,000-1,500 per quintal lesser income to the farmers.

According to the Soybean Processor Association of India (SOPA), the soybean prices have hit a 10-year low. The MSP was at Rs 2,900 per quintal 10 years ago.