In India soybean market recovered taking cues from CBOT and soybean opened firm to positive in the domestic markets . Also rainfalls in the soybean sowing areas are keeping soybean prices firm. In yesterday cbot, soybean complex make a remarkable rally.The soybeans traded firm due to weather concerns in the southern part of US due to Hurricane Sally which is pushing the entire complex higher across the board yesterday. The hurricane Sally feared to cause floods in Gulf of Mexico & cause enough damage which may cause export to be delayed from one of US busiest port. The soybean continue to trade higher based on the size of the crop and in addition the recent China continuous buying. The China demand continues to keep the soybean prices supported and yesterday the USDA announced another 327,000 metric ton of soybeans sold to China in a private export sales. The soybean meal also traded up yesterday, based on the fact that Brazil and Argentina will not be sellers of large amounts of soybean meal in the near term. The Brazilian cargo due to being essentially oversold and the Argentinian cargo due to the currency and tax situation. The vegetable oils market continue to be supported globally for various reasons. Due to this in MDEX also, oil traded firm and positive today.
In India soybean prices opened firm and up by INR 200-500 PMT in the domestic markets.Today in the future exchange soybean is trading at INR 39,600 against yesterday closed at INR 39,210 and soybean prices has traded up by 1.5%.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 38,750-39,500 | |
| Maharashtra | 39,000-41,000 | |
| Rajasthan | 38,250-39,250 | |
| Rest India | 38,250- 39,250 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices open firm to positive and the processors increased the prices by INR 200-500 PMT. The soybean meal prices range INR 31,500-34,500+ GST across India.
Importers are quoting the Sunflower meal prices firm. The Sunflower meal pellet prices quoted by importers are in range INR 24,500- 25,200 +GST PMT ex Tuticorin port & INR 24,500-25,200+GST PMT ex Vizag port. Whereas resellers are quoting cheaper by INR 200-300 PMT i.e. INR23,900-24,200 +GST PMT.
The rapeseed meal prices opened flat in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 31,500-33,200 |
| Maharashtra | 32,100-34,500 |
| Rajasthan | 32,000-32,500 |
| Karnataka | 32,200-33,500 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 33,500+GST |
| Kandla-FAS (in USD/PMT) | 465 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 19,500-19,700 | 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 | 24,500-25,200 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 24,500-25,200 | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,100-17,700 |
| Madhya Pradesh | 17,100-17,400 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 17,500-17,600+GST5% |
| Kandla-FAS (in USD/PMT) | 249 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Sikkim, Assam, AP, north east Bihar, south east MP, central Maharashtra, Vidharbha, Marathwada, Telangana , costal AP & interior Karnataka .
Light to moderate rains observed at some areas of north east India, Jharkhand, UP, Uttarakhand, south Rajasthan , Gujarat, other areas of MP, Chhattisgarh, AP, Rayalaseema, Odisha, costal Karnataka, TN & Kerala.
A cyclonic circulation is seen over Bay of Bengal, Rajasthan & Telangana.
Within next 24 hours moderate to heavy rainfall may be expected over northeast India WB, Sikkim, Assam, Bihar, south west MP, central Maharashtra, Vidharbha, Marathwada, Telangana, interior & costal Karnataka & Kerala.
Light to moderate rainfall may be expected over north east India, Jharkhand, UP, Uttarakhand, south east Rajasthan, Gujarat, most of the other area of MP, Chhattisgarh, central, AP, Odisha & TN.
Excess rainfalls in the soybean grown areas are not good for the present crop.