Over the past few months, soya bean prices had touched a historic high with average traded prices in Latur’s mandi crossing Rs 10,000 per quintal. Ex-mill prices in districts like Nanded had even touched Rs 11,000 per quintal.
A sharp decrease in ex-mill soya bean prices has worried growers in Maharashtra ahead of the harvest season. While the oilseed is trading above its government-declared Minimum Support Price (MSP) of Rs 3,950 per quintal, over the past few days, soya bean prices have seen a decrease of Rs 2,000 per quintal with a further dip not being ruled out.
Import of genetically modified soya meal and reduction in import duty of crude and refined soya oil is being touted as the main reasons for this price dip.