The central government had set the Minimum Support Price (MSP) for soybeans at $0,55 per kg for the Kharif marketing season 2023-24, surmising a cost of production at $0,37 per kg for farmers. This year, there was a slight hike of $0,04 in MSP for soybeans, yet farmers grapple with market prices far from reflective of the government’s support. As soybean is cultivated in the Kharif season, the initial market prices of $0,46 to $0,49 per kg are causing frustration among the farming community.
A nosedive in prices
Soybean has been sown across 3.8 million hectares in Yavatmal district this year. In the preceding year, soybean prices touched $0,72 per kg, offering respite to farmers. However, the situation took a nosedive early this year, as prices plummeted to $0,46 per kg. This has left farmers pondering over the viability of soybean cultivation. Adding to the problem is the government’s recent policy on soybean oil importation, which has resulted in massive inflows from foreign countries. Consequently, the local soybean market has witnessed a downtrend in prices. The future of soybean pricing remains uncertain, casting a shadow of doubt over farmers’ livelihoods.
Farmers argue that while the government may intend to provide consumers with affordable oil during festivals, the farming community bears the brunt. They stress that a soybean price of at least$0,60 to $0,72 per kg is essential for them to secure a decent return on their labour. With this price point, their toil and hard work seem worthwhile. Despite the government’s declaration of MSP, the volatile market needs more assurance of obtaining the stipulated price. Farmers are caught in the undertow of exceedingly low prices this year, triggering apprehension about their future course of action.
