In India soybean prices opened firm taking cues from CBOT


In India soybean prices opened firm taking cues from CBOT. Yesterday in CBOT, soybean recovered due to delay in Brazil planting. The delay in planting coupled with rising farmer sales remained a bullish sign for the market. Rains in Brazil have been irregular and the funds have kept close eye on near term Rain forecast report. China state owned companies are back into market for soybean. USDA announced a sale by private exporter of 264,000 metric tons of soybeans to China. China demand is continued to focus on shipments of US soybeans out of both the Gulf as well as PNW. In Argentina the soybean crushers union launches country wide strike and they are demanding reopening of salary negotiations and thus it have disturb the soybean crushing in the country. The NOPA crush report will be released on today.

Today soybean prices opened firm and up by INR 500-750 PMT. The soybeans arrival are less as compared to yesterday and are reported around 59,000-60,000 metric tons in the domestic markets. The arrivals are still not improving due to heavy rains in Maharashtra and Telangana states. In the future exchange soybean prices traded high by 1.1% and but in SH some correction is observed in soybeans prices in the future exchange with weakness in edible oils and in MDEX and soybean traded low by 2.03%. Today soybean prices closed at INR 41,160 against yesterday close of INR 41,860 in the future exchange.

  State Plant Price (in INR-PMT)*
Madhya Pradesh 40,500-42,000
Maharashtra 40,500-42,000
Rajasthan 40,750-41,500
Rest India 40,500- 41,500
  As per moisture condition *+GST 5%

Market Prices:

The soybean meal prices opened firm and some processors have increased the prices by INR 300-500 PMT. The soybean meal prices range INR 32,000-35,000+ GST across India.  But in SH with weakness in edible oils prices , market traded weak. 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 25,500- 26,000 +GST PMT ex Tuticorin port . Whereas resellers are quoting prices INR24,900-25,100 +GST PMT.

The rapeseed meal prices improves by INR 200-300 PMT in the domestic markets.


Soybean Meal:


State Plant Price (in INR-PMT)*
Madhya Pradesh 32,000-33,500
Maharashtra 32,500-35,000
Rajasthan 33,200-34,000
Karnataka 33,500-34,800
*+GST 5% Moral condition
Soybean Meal Ex-Kandla Port
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 34,300 -34,400+GST
Kandla-FAS (in USD/PMT) 478
Rapeseed Meal Domestic Ex- Location
State Plant Price (in INR-PMT)*
Rajasthan 17,800-18,500
Madhya Pradesh 17,800-18,200
*+GST 5% Moral condition
Rapeseed Meal at Kandla Port Ex- Location
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 18,500-18,600+GST5%
Kandla-FAS (in USD/PMT) 263