USDA Maintains India’s Soybean Production Unchanged (Dec 05, 2017)

The latest release by United States Department of Agriculture (USDA), The M.Y. 2017/18 soybean production estimate remains unchanged at 10 MMT on 10.6 million hectares, pending further availability of accurate market data. 

Average market prices of soybeans in the last 12months have softened 16 percent to INR 27,000 per metric ton. Bean prices currently are down 25 percent year on year. 

Owing to a fall in market prices, the Farmer Welfare and Agriculture Department, Madhya Pradesh, recently launched a pilot scheme called Chief Ministers PDFS. 

Under the scheme, farmers who are registered with any of some 3500 Primary Agriculture Credit Cooperative Societies will get compensation if the price of a notified crop falls below the Minimum Support Price (MSP). However, benefits are limited to losses defined by the amount the modal price is below MSP. 

If modal price is above the MSP than benefits will not apply and similarly if market price falls below modal price than only the difference between MSP and modal price will be paid. 

For the above scheme, the modal price of an eligible crop will be calculated as the average of modal prices in Madhya Pradesh and two other comparator states but will be applicable for sales made within prescribed window. 

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