Soybean prices likely to drop to the MSP level

The prices of soybean are likely to drop to the level of minimum support price (MSP) announced by the Centre under the pressure of arrivals, said Ajay Jhunjhunwala, President of Solvent Extractors’ Association (SEA) of India, reports The Business Line.

He has written a letter to the SEA members stating that this situation will affect farmers.

The soybean production is likely to increase to 120 lakh tonnes (lt) and with carry forward stock of about 15 lt, the prices are likely to dip further against the MSP of Rs 4,350 per quintal, Jhunjhunwala said.

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