Soybean prices have been witnessing a continuous decline over the past few years, adding to the concerns of farmers. In March 2023, soybean was priced at ₹5,500 per quintal, which dropped to ₹4,600 in 2024. Now, in 2025, the price has further declined to ₹4,100 per quintal. With rising production costs and falling market rates, farmers are facing increasing distress.
Several factors have contributed to the decline in soybean prices. One of the main reasons is the reduced purchasing by soybean processing plants in India. Additionally, bumper production in global markets, especially in countries like Brazil, has led to an oversupply, affecting domestic prices. Government policies have also played a role in this decline.
The central government is also concerned about the falling soybean prices. Last year in September, the government increased import duty by 20%, but it failed to stabilize prices. Now, the government is considering another hike in import duties on edible oils to support domestic farmers. Moreover, the government has procured 1.47 crore quintals of soybean at a support price of ₹4,892 per quintal, providing some relief to farmers.
Market analysts suggest that until the government increases import duties on soybean oil, price recovery remains uncertain. Additionally, the government has imposed a ban on futures trading of soybean and other commodities until March 31, 2025, leading to market instability.
Further Price Decline Expected:
Experts predict that soybean prices may drop by another ₹200 to ₹300 per quintal in March. The government’s plan to sell 39 lakh quintals of soybean in the open market could further push prices down. Some traders believe that mandi prices might fall below ₹4,000 per quintal.
What Should Farmers Do?
Given the current market scenario, farmers should analyze market trends before selling their produce. If the government raises import duties, prices may improve in the future. Additionally, farmers should consider diversifying their crops to mitigate risks.
The continuous decline in soybean prices has created a significant crisis for farmers. Considering government policies and global market trends, there is little hope for a price recovery in the near future. However, if the government implements measures such as increasing import duties, some improvement can be expected. Farmers should remain cautious and make informed decisions to avoid heavy losses.
