Dynamics and Seasonal Fluctuations of Soybean Prices in Domestic and International Markets

Background: Soybean, being one of the most widely cultivated crops globally, plays a significant role in global agriculture and food production. However, soybean prices have experienced significant fluctuations over the past few years, causing imbalances in resource allocation and generating demand and supply gaps. Thus, analyzing past price trends is crucial to understand the current scenario and formulate appropriate strategies to improve the marketing system. Methods: This study examines the trends and seasonal variations in soybean prices in local, national and international markets using compound growth rate, trend and seasonality analysis. Monthly and yearly time series data of soybean prices in selected markets were collected from July 2006 to June 2021. The finding revealed a continuous rise in soybean prices in India over the 15 years. Result: The results revealed that the rise in soybean price during this period was due to inflation and farmers were not benefited. Furthermore, the study identified seasonal variation in soybean prices, with peak prices observed during may in most markets, when the crop comes to harvest. The study findings can be useful for policymakers and farmers to understand the trends and seasonal patterns in soybean prices.