India's kharif Soybean planting declined roughly 10% so far as compared to the previous season as farmers opted for other crops such as Cotton, the Soybean Processors Association of India (SOPA) said.
In Madhya Pradesh, which accounts for more than 60% of the country’s Soybean production, sowing is down by 15%. Cropping is down by 3% in Maharashtra and 7-8% in Rajasthan.
“The reasons are pretty obvious. Edible oil prices have gone down by 15% and there has been a heavy influx of imports in the country. The strengthening of the rupee has led to pressure on prices. The onset of GST is another contributing factor,” the association said.
Moreover, the progress of monsoon has not been as satisfactory as expected in the Soybean growing states, SOPA said.
Last year, the Soybean acreage had touched over 11 million hectares and this year acreage is unlikely to cross 10 million hectares, the association said.