In India soybean prices opened again weak due to corrections in the edible oils prices and taking support from International markets. Yesterday in the cbot, the soybean traded low due to smooth progress in harvest and favourable weather at time harvesting. In US soybean harvest progress has hit 83% complete, 10% ahead of the five year average of 73%. The longs started to lose patience as the USDA has not confirmed any new sales to China since October 15 apart from announcements of sales to unknown destinations and Mexico.
In Brazil the widespread rainfall of good volumes have been hitting and allowed for some recovery in seeding pace. Brazil soybean exports continued at a strong pace, clearing 290,000 metric tons last week and pushing the cumulative total in October to 1.89 million metric tons so far. China also reported its soybean imports in September by origin with Brazilian beans accounting for 74% of the month’s total at 7.25 million metric tons and volume of US soybean surged on the month to 1.19 million metric tons. Total China soybean imports reached 9.79 million metric tons in September. Buyers were closely watching Brazil crop progress and expecting improved weather in Brazil could help to lower both futures and basis prices.
Today soybean prices opened weak by INR 250-500 PMT in the domestic markets in India taking cues from International markets. Soybeans arrival are reported around 50,000-53,000 metric tons in the domestic markets. In the future exchange soybean prices traded weak by 1.80% and today it closed at INR 42,830 against yesterday close of INR 43,280.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 42,500-43,500 | |
| Maharashtra | 42,250-44,000 | |
| Rajasthan | 42,500-43,000 | |
| Rest India | 42,500- 43,500 | |
| As per moisture condition | *+GST 5% |
Market Prices:
The soybean meal prices opened weak by INR300-700 PMT in the domestic markets with correction in the soybean prices. The soybean meal prices range INR 32,900-35,500+ GST across India. Reseller are quoting soybean meal prices lower by INR 400-500 PMT.
The Sunflower meal pellet prices opened firm & the importers are quoting the prices in range INR 26,000- 27,000 +GST PMT ex Tuticorin port . Whereas resellers are quoting prices INR26,000-26,200 +GST PMT.
The rapeseed meal prices opened firm in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 32,900-34,500 |
| Maharashtra | 33,700-35,500 |
| Rajasthan | 33,800-34,500 |
| Karnataka | 34,400-35,200 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 35,800 -36,000+GST |
| Kandla-FAS (in USD/PMT) | 497 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 20,500-21,000 | 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 | 26,000-27,000 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | NQ | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 20,200-20,800 |
| Madhya Pradesh | 20,400-20,800 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 20,400-20,500+GST5% |
| Kandla-FAS (in USD/PMT) | 288 |