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MSP of Soyabean

Context

The Centre permitted Madhya Pradesh, Maharashtra and Karnataka to procure soybeans at the fixed MSP of Rs 4,892 per quintal.

About Soyabean Crop

Soyabean (Glycin max) is a kharif oilseed crop. The crop belongs to legume family. It is native of East Asia.
It is a rich source of Protein also excellent source of fibre. Oil extracted from soybean contain small amount of saturated fat.
Major soyabean growing states: Madhya Pradesh, Maharashtra, Rajasthan, Karnataka, and Telangana.
Soil requirement: Well-drained, fertile loamy soils with a pH range of 6.0 to 7.5
Nationally, soybeans have been sown in around 12.51 million hectares of land this kharif season, which is nearly two per cent higher than the normal acreage under the crop. Normal acreage is the average acreage of the last five years.
In July 2024, India imported around 1.84 million tonnes of edible oils, which is marginally less than the 1.85 million tonnes imported in June 2024.
Most notably, India imported a record 1.08 million tonnes of palm oil which is the highest level reached since November 2022.

The MSP is the lowest rate at which government procurement agencies buy crops from farmers.
The scheme was first introduced in the mid-1960s as a safety net for farmers, protecting them from the uncertainties of the market.
Wheat was the first crop for which a MSP was offered in 1965-66.
At present, it is extended to 22 Kharif (summer) and Rabi (winter) crops.
- The MSP mandated summer crops are paddy, jowar, bajra, ragi, maize, tur (arhar), moong, urad, groundnut, sunflower seed, soyabean (yellow), sesamum, niger-seed and cotton.
- The winter crops include wheat, barley, gram, masur (lentil), rapeseed and mustard, and sunflower.
The regime also covers copra and jute.
It is fixed by the Union government on the recommendations of the Commission for Agricultural Costs & Prices, which consults the state governments and ministries.

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