Soybean

Soybean (Glycine max) is called Golden Bean. The plant is classed as an oilseed and is an important global crop. The processed soybean is the largest source of protein feed and second-largest source of vegetable oil in the world. The major portion of the global and domestic crop is solvent-extracted with hexane to yield soy oil and obtain Soymeal, which is widely used in the animal feed industry.

Uses of Soybean

Processed Soybean is the largest source of protein feed and second largest source of vegetable oil in the world.
Soybean seed is processed for Soymeal and Soy oil, both of these product are consumed throughout the country.
There are many other product which are manufactured from Soybean like Soy nutrila, Soy flour, Soy yogurt, Soy sause, Soy milk, tofu etc.

Factors influencing the price

Weather condition especially during sowing and pod bearing condition.
Demand for Soybean from Soybean processing industry.
Demand of Soymeal from poultry feed industry.
Government policies: MSP, Import duty, stock limit, import and export duty on its derivatives.
Demand-Supply and price scenario of other competitive oils i.e. palm oil.
Price movement of Soybean in international exchange CBOT.
International production of Soybean.
International prices of Soymeal and Soy oil.