Soybean Market Remains Subdued, Weak Demand Slows Price Momentum
Soybean prices in the domestic oilseed market remained under pressure last week as weak demand and sufficient supplies kept trading largely range-bound. In major mandis, soybean was quoted in the range of about ₹6,900 to ₹7,100 per quintal, with slight variations across regions depending on quality and local demand, as crushing units continued to purchase at normal levels but without any aggressive buying interest, limiting any upward movement in prices. Steady arrivals in the market along with only moderate demand for soybean meal (DOC) further restricted any meaningful recovery in prices. Stockists also remained cautious and limited their procurement activity, which kept overall market sentiment subdued and prevented any strong price recovery. According to traders, the availability of imported edible oils such as palm oil and soy oil has added further pressure on the domestic oilseed market. Cheaper imports have impacted crushing margins, thereby reducing demand for soybean in the physical market. At the same time, stable international prices of crude palm oil and soy oil have also contributed to keeping domestic soybean prices confined to a narrow range. Market experts believe that soybean price trends in the coming weeks will largely depend on the progress of the monsoon, kharif sowing activity, and global edible oil market movements. If weather conditions remain favourable and sowing activity improves, prices may remain stable or witness mild weakness. However, the overall outlook suggests no strong signs of a sharp upward trend at present, with weak demand and adequate supply likely to keep soybean prices range-bound in the near term.