Karanja Mandi Soybean Prices Break 2021 Record
High Prices Despite Low MSP in Most Mandis
On May 20, Karanja Mandi in Washim district saw soybean prices reach new heights. The minimum price was $0,50 per kg, below the MSP, but the maximum price exceeded $1,50 per kg. According to the Maharashtra Agricultural Marketing Board, the maximum price was $1,50 and the average model price was $1,48 per kg. These prices were achieved despite a significant arrival of 4,000 quintals. The MSP for soybean is set at $0,55 per kg. Farmers in the state hope soybean prices will continue to rise, as seen in 2021 and 2022.
Soybean Prices Vary Across Maharashtra Mandis
Sangli Mandi Sees Higher Prices, While Others Lag Behind
In Sangli Mandi, on May 20, farmers received prices above the MSP for soybeans. The arrival was 50 quintals, with minimum prices at $0,55, maximum prices at $0,62, and the model price at $0,58 per kg. In contrast, other mandis saw farmers selling soybeans at significantly lower prices. Maharashtra, the second-largest soybean producer in India, relies heavily on soybean cultivation for the livelihood of millions of farmers. Despite its importance, the crop’s price fluctuations have caused concern among farmers.
The Crucial Role of Soybean in India’s Agriculture
A Vital Crop for Oilseed Production and Farmer Livelihoods
Soybean is an essential crop for multiple reasons. In 2021 and 2022, prices reached between $0,96 and $1,32 per kg before dropping significantly. Last year, farmers struggled to receive fair prices for their soybean crops. As a pulse-oilseed and cash crop, soybean contributes 42 percent of the total oilseed production and 22 percent of the total edible oil production in India, according to scientists at the Indore-based Soybean Research Center. Soybean holds the potential to make India self-reliant in edible oil production.
Soybean prices in Maharashtra, particularly in Karanja Mandi, have set new records despite lower prices in other regions. The variability in prices across mandis highlights the challenges and opportunities for farmers. With its significant contribution to oilseed and edible oil production, soybean remains a vital crop for India’s agricultural sector and the livelihood of millions of farmers.