Soybean Purchase at MSP Till December 31 in Madhya Pradesh with New Token System

Key Highlights

• MSP soybean purchase will continue till December 31.
• Token system required for smoother sales at centers.
• 1,400+ centers set up, with possible expansion.
• MSP set at ₹4,892 per quintal, higher than market rates.
• Payments are to be made within 48 hours directly to accounts.

Farmers in Madhya Pradesh are set to start selling their soybeans at the minimum support price (MSP) from October 25, 2024. With falling market prices causing concern, this government initiative aims to provide stability. This is the first year the state will purchase soybeans from farmers at MSP, which has generated significant interest among local farmers. The purchase program will continue until December 31, 2024.

To make the process smoother, the state has also implemented a token system. Farmers will need to secure a token before they can sell their soybeans at the designated centers.

Also Read: Madhya Pradesh Shramik Rural Housing Scheme 2024: Rs 50,000 Subsidy for Building Homes

Token System for Easy Soybean Sales

Under the token system, farmers must obtain a token before selling their soybeans. This step-by-step system aims to reduce crowding and also ensure efficient purchases at the collection centers. Without a token, farmers will not be allowed to sell their crops at the centers.

How Farmers Can Get Tokens for Selling Soybean

Tokens will be issued based on the capacity of each purchase center to ensure smooth operations. In cases where centers cannot accommodate large numbers of farmers, the District Collector will schedule specific dates for crop purchase, issuing tokens to align with available slots. Farmers can also collect their tokens from the designated agencies overseeing the purchase.

Over 1,400 Purchase Centers Set Up Across Madhya Pradesh

To accommodate the high number of soybean sellers, over 1,400 centers have been set up in locations like government mandis and cooperative societies. The state government has also promised to open additional centers if needed. Farmers can expect payments directly to their accounts within 48 hours of selling their produce. This year, Madhya Pradesh has received approval from the central government to purchase 13.68 metric tonnes of soybean at MSP.

Also Read: Rs 2398 Crore Subsidy Transferred to Soybean and Cotton Farmers

Soybean MSP Rate for 2024

The state’s Deputy Chief Minister Rajendra Shukla confirmed on October 22 that the MSP for soybeans is set at ₹4,892 per quintal. This rate was approved by the central government and will be valid throughout the purchase period. Currently, 3.44 lakh farmers have registered for soybean sales, with more expected to sign up as the registration process continues.

Also Read: Soybean MSP Purchase Dates Announced: Registration, Rate & Process

Current Soybean Market Prices in Madhya Pradesh

Market prices for soybeans in various mandis across Madhya Pradesh are generally below the MSP. 

Here’s a quick look at some of the rates:

• Narsinghgarh Mandi, Rajgarh: ₹3,999 per quintal
• Sailana Mandi, Ratlam: ₹4,321 per quintal
• Nasrullaganj Mandi, Sehore: ₹4,175 per quintal
• Badnawar Mandi, Dhar: ₹4,199 per quintal
• Khategaon Mandi, Dewas: ₹3,926 per quintal
• Harsud Mandi, Khandwa: ₹4,019 per quintal
• Shahgarh Mandi, Sagar: ₹4,200 per quintal
• Lateri Mandi, Vidisha: ₹4,020 per quintal

Please note that the above prices are the highest observed in these mandis but remain below the MSP, making the MSP program especially beneficial for farmers this season.

This new MSP initiative is anticipated to bring relief and stability to farmers facing low market prices, offering them a reliable option to sell their produce at government-supported rates.

Also Read: Govt Launches Bharat Chana Dal Phase II: Affordable Pulses at Rs. 70/kg in Delhi-NCR

CMV360 Says

The MSP purchase of soybeans in Madhya Pradesh provides much-needed price stability for farmers amid falling market rates. With a streamlined token system, multiple purchase centers, and quick payment assurance, this initiative supports farmer’s income and encourages smooth sales, ensuring financial relief for them this harvest season.