In India soybean prices opened weak again yesterday due to weakness in edible oils

In India soybean prices opened weak again due to weakness in edible oils and also taking cues from the International markets. In CBOT, the soybean traded weak due to profit taking and weak US currency. Another reason of weakness in soybean prices was better weather developing for the SA soybean crop as well as the latest COT report suggesting further spec liquidation. Actually speaking the market is moving rangebound, lacking direction and waiting for WASDE report on the 10th Dec 2020. Funds attention is focused on this reports as they are expecting world soybean ending stocks to be lower. Even some reports are also suggesting the soybean carryout could decline another 21-22 million bushels.

The buyers from China were on the side-lines, waiting for the crush margins to improve to make for additional purchases.

Markets in Argentina were closed for Monday and Tuesday as National holidays

Today soybean prices opened weak by INR 250-500 PMT in the domestic markets. All India soybeans arrival are reported around 31,000-33,000 metric tons in the domestic markets. In the future exchange soybean prices opened weak and traded low by 1.43%  & at closed at INR 42,400 against yesterday close of INR 42,770.

  State Plant Price (in INR-PMT)*
Madhya Pradesh 42,250-43,000
Maharashtra 42,250-43,500
Rajasthan 42,500-43,000
Rest India 42,750- 43,750
  As per moisture condition *+GST 5%

Market Prices :

The soybean meal prices opened weak in the domestic markets due to weak demand of meal. The soybean meal prices range INR 31,500-34,700+ GST across India. Reseller are quoting soybean meal prices lower by INR 200-500 PMT.

The Sunflower meal pellet prices remains same & the importers are quoting in the price range INR 28,000- 28,500 +GST PMT ex Tuticorin port. Whereas resellers are quoting prices INR 27,700-27,800 +GST PMT.

The rapeseed meal prices open weak by INR 300-400 PMT in the domestic markets.

 

Soybean Meal:

 

State Plant Price (in INR-PMT)*
Madhya Pradesh 31,500-33,900
Maharashtra 32,700-34,700
Rajasthan 32,400-33,100
Karnataka 33,600-34,700
*+GST 5% Moral condition
Soybean Meal Ex-Kandla Port
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 34,700 -35,000+GST
Kandla-FAS (in USD/PMT) 484

 

Sunflower Meal:

Sunflower Meal Domestic Ex- Location
State Plant Price (in INR-PMT)* Min Protein
Karnataka NQ 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 28,000-28,500 35%
Ukraine Origin -Pellets(in INR/PMT) Vizag 27,000-27,300 32%-34%
*+GST 5% Moral condition

 

 

Rapeseed Meal:

 

Rapeseed Meal Domestic Ex- Location
State Plant Price (in INR-PMT)*
Rajasthan 19,600-20,200
Madhya Pradesh 19,500-20,000
*+GST 5% Moral condition
Rapeseed Meal at Kandla Port Ex- Location
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 20,300-20,400+GST5%
Kandla-FAS (in USD/PMT) 286