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Every farmer and trader eagerly waits for the prices of soybeans. The market price of this crop is often less than the MSP (minimum support price), due to which farmers are unable to get a fair price. How were the prices of soybeans in the markets of Gujarat and Madhya Pradesh on 8 October 2024? Let us know in detail.
Bhavnagar Market: Bhavnagar, Gujarat, soybean arrivals totaled 1 ton. The minimum price was ₹3,500 per quintal, and the maximum price was ₹4,500 per quintal, with an average (model) price of ₹4,000 per quintal. This rate is below the MSP of ₹4,892 per quintal, indicating a slight decline in demand for soybeans in this market.
Berasia Market: Berasia, Madhya Pradesh, the total arrival of yellow soybeans was 0.68 tons. The prices remained stable, with both minimum and maximum prices recorded at ₹3,330 per quintal. This is significantly below the MSP, suggesting that farmers in this region are not receiving fair prices for their crops.
Sonkatch Market: Sonkatch Market, the arrival of yellow soybeans was 0.27 tons. Both the minimum and maximum prices were recorded at ₹4,030 per quintal, which is higher than the prices in Berasia but still below the MSP.
Conclusion: On October 8, 2024, soybean prices in the markets of Gujarat and Madhya Pradesh remained below the MSP. Bhavnagar market in Gujarat saw an average price of ₹4,000 per quintal, while Berasia market in Madhya Pradesh recorded a price of ₹3,330 per quintal. This points to a weak market situation for soybeans, with farmers not receiving fair prices for their produce. To safeguard farmers' interests, there is a need for active intervention by the government and relevant agencies.
Read More... Soybean prices are falling, delays in MSP procurement have increased farmers' troubles
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