Soyabean rates have fallen beneath Rs 6,000 per quintal in important markets across the nation on new crop arrivals and the commencement of soymeal imports. The commodity rates had touched a record higher of Rs 10,000 per quintal in the months of July and August, causing distress to the poultry and livestock sector. Soymeal types a key element of cattle feed for these sectors.
On Monday, Latur Agriculture Produce Market Committee (APMC), a important soyabean and pulses market place in Maharashtra, reported arrivals of 15,000 quintals with typical rates ranging amongst Rs 5,500 per quintal and Rs 6,one hundred per quintal. Lalit Shah, chairman, Latur APMC stated that the Latur APMC had recorded the highest arrivals of the commodity in the nation on the day. “The market committee officials were surprised to note such high arrivals in the beginning of the season. Prices dropped because of the high moisture content in the commodity ranging between 20% to 22% but farmers had brought the crop in anticipation of good money,” he felt. Arrivals in the very same market place on Tuesday had been to the tune of 12,000 quintals and rates remained in a comparable variety. Soyabean rates had been Rs 7,500 per quintal at Indore, a further key soyabean market place in Madhya Pradesh.