In India soybean continued rally due to good support from MDEX and dry weather news at South American keeping the soybeans prices firm despite increase in arrivals in domestic markets by 18-20% from yesterday. In MDEX palm oil remains firm and moved up today in view of continued worries around supply caused by heavy La Nina rains & labour shortages problem. Yesterday at Sea Globoil webinar the eminent speakers given bullish views for palm oil prices in coming months, supported by the shrinking inventory level. In Cbot too soybean hit new highs with the reports of additional business to China and later profit booking and positioning ahead of WASDAE report was observed. Though the Conab released its first estimates for Brazil’s new crop soybeans production at a 133.7 million metric ton, up by 7.1% on the year. The USDA announced another fresh sales of 374,000 metric tons soybeans to China, with an additional sale of 152,404 metric tons to Mexico & 132,000 metric tons to unknown destinations. Strong export demand continues to provide support as more nearby sales into an already tight loading schedule have pushed basis in the US Gulf higher. Chinese buyers were active in sourcing more cargoes for Nov and Dec shipment periods. Weekly net export sales had another strong week with 2.591 million metric tons(that was up 24% yr/yr). Soybean sales to China were 60% of the total at 1.538 million metric tons. With strong demand for soybeans and a potentially bullish WASDE report and approaching Hurricane Delta have further tighten an already packed 2020 loading schedule.
Today soybean prices again recovered by INR 250-500 PMT with arrivals are around 55,000-60,000 metric tons in the domestic markets. In the future exchange soybean prices opened firm and traded higher by 1.92% and trading INR 40600 against yesterday close of INR 40,090.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 39,000-40,000 | |
| Maharashtra | 38,750-40,000 | |
| Rajasthan | 39,000-40,000 | |
| Rest India | 38,750- 40,000 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices also recovered by INR 300-500 PMT. The soybean meal prices range INR 31,000-33,500+ GST across India. Reseller are quoting soybean meal prices lower by INR 300-600 PMT.
The Sunflower meal pellet prices opened firm and some importers have increased the price by INR 500 PMT. The importers are quoting the prices in range INR 24,500- 25,000 +GST PMT ex Tuticorin port & INR 24,000- 24,500 +GST PMT ex Vizag port. Whereas resellers are quoting prices INR23,800-24,000 +GST PMT. A very good enquiry by buyers in price range 23,500-23,600 level but importers remained firm at their prices.
The rapeseed meal prices also recovered by INR 100-200 PMT in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 31,000-32,500 |
| Maharashtra | 31,500-33,500 |
| Rajasthan | 31,500-32,200 |
| Karnataka | 31,300-32,800 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 33,000 -33,300+GST |
| Kandla-FAS (in USD/PMT) | 465 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 18,000-18,200 | 26% |
| Karnataka | NQ | 32% |
| *+GST 5% | Moral condition | |
| Sunflower Meal Ex- Tuticorin & Vizag Ports | ||
| Port | Meal Price PMT | Min Protein |
| Ukraine Origin -Pellets(in INR/PMT) Tuticorin | 24,500-25,000 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 24,000-24,500 | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,600-18,000 |
| Madhya Pradesh | 17,500-17,800 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 18,000-18,100+GST5% |
| Kandla-FAS (in USD/PMT) | 257 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at Assam, east MP, Chhattisgarh, Vidharbha, costal AP, costal Karnataka, TN & Kerala.
Light to moderate rains observed at northeast India, WB, Bihar, central Maharashtra, Telangana, & costal Odisha.
Moderate to heavy rainfalls may be expected over WB, AP, Telangana & costal Odisha.
Light to moderate rainfalls may be expected north east India, Bihar, Jharkhand, at some areas of UP, south Gujarat, east & south MP, Chhattisgarh, interior Maharashtra, Vidharbha, Marathwada & interior Odisha costal Karnataka, TN & Kerala.
Weather will remain dry in the north India . A cyclonic circulation is seen over Telangana & AP and its surrounding areas and also low pressure area has developed in Andaman sea.