The soybean market witnessed continuous fluctuations last week, once again highlighting that commodity markets rarely move in a straight line and often shift direction based on news and global developments. By the end of the week, soybean prices at the Kirti plant in Maharashtra declined by ₹20 to close at ₹5810 per quintal. Overall, this resulted in a weekly drop of about ₹90 per quintal. The bullish momentum seen in the last days of February and early March appeared to cool down during the week, while buyers in mandis remained cautious. In mandi trade, soybean prices were reported around ₹5400 per quintal in Ujjain, ₹5575 in Indore, ₹5300 in Amravati, and about ₹5454 in Kareli. Meanwhile, plant delivery rates were approximately ₹5550 per quintal in Madhya Pradesh, about ₹5650 in Maharashtra, and around ₹5450 in Rajasthan. Soybean arrivals also provided key signals about market sentiment. At the beginning of the week, arrivals in mandis were around 210,000 bags, but by Saturday they had declined to nearly 135,000 bags. This suggests that farmers are releasing stocks cautiously and largely depending on prevailing price levels. On the international front, rising tensions between Iran and the United States influenced the edible oil market. As a result, refined soybean oil prices increased by around ₹50 during the week. However, profit booking toward the end of the week led to a minor decline of ₹10–₹20. On Saturday, refined soybean oil closed around ₹1430 per 10 kg in Mumbai, ₹1390 in Kandla, and about ₹1415 in Haldia. DOC Prices Decline Amid Weak Demand Weak domestic and export demand for soybean DOC (de-oiled cake) led to a decline of about ₹500 to ₹1500 per tonne during the week, though the market stabilized toward the end of the week. Prices at the Om Shri Dhulia plant were reported around ₹45,000 per tonne, while the Dhanraj Latur plant quoted prices close to ₹43,300 per tonne. Stock data indicates that about 850,000 tonnes of soybeans were crushed in February, while arrivals were around 600,000 tonnes. So far, approximately 5.7 million tonnes of soybeans have arrived in mandis, which is about 13.5% lower compared to the previous year. Total crushing has reached around 4.75 million tonnes, about 7.7% lower year-on-year. By the end of February, farmers were estimated to be holding about 5.841 million tonnes of soybeans, nearly 19.5% less than last year. The production outlook has also changed this season. India’s soybean production was about 15.268 million tonnes in 2024–25, but it is estimated to decline to roughly 12.72 million tonnes in 2025–26. Globally, Brazil’s soybean production is estimated at around 178 million tonnes, with nearly 51% of the harvest already completed. Meanwhile, crude oil prices moving above $100 per barrel and rising tensions in the Middle East have increased shipping costs, adding uncertainty to the global edible oil market. From a technical perspective, soybean prices at the Kirti plant had earlier formed a top near ₹6150 before slipping toward the strong support level of ₹5500, from where some recovery was observed. For traders, a buying strategy around ₹5600–₹5650 and profit booking near ₹5900–₹6000 is currently considered reasonable. At present, ₹5500 has emerged as a strong support level, while ₹6100 is seen as a major resistance. The future direction of the soybean market will largely depend on mandi arrivals, global developments, and trends in the edible oil market.