In India soybean prices opened weak despite weak arrivals due to festival Dussehra and the arrivals are expected to improve from tomorrow. Yesterday in the cbot, the soybean opened flat to weak initially failing to meet the positive upward move as improvement in weather at SA offset the bullish positioning from the funds. Weather forecasts indicated rainfalls in main soybean growing areas in the Brazil for the next two weeks, thus profit bookings were observed from the funds side. These rainfalls have improved the planting speed in Brazil which pushed the planted area last week to 23%, up by 14% from earlier week.
But soybean prices which slipped down initially recovered later and traded positive with steady demand of US soybeans. The USDA announced an export sale for 120,700 metric tons of soybeans to unknown destinations by a private exporter & they also announced a large export sale for 135,000 metric tons of soybean meal to the Philippines. The weekly Export Inspections report showed 2.66 million metric tons of soybean shipments on the week ending 22nd Oct. 2020, up by15% week/week and 69% above the same week last year. Of the week exports 2.021 million metric tons of soybeans went to China.
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 250-300 PMT in the domestic markets in India due to profit booking in the edible oil in the future exchange. Soybeans arrival are reported around 55,000-58,000 metric tons in the domestic markets. In the future exchange soybean prices traded weak by 1.59% and today it closed at INR 43,260 against yesterday close of INR 43,900.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 42,750-43,750 | |
| Maharashtra | 42,500-44,500 | |
| Rajasthan | 42,750-43,500 | |
| Rest India | 42,750- 43,750 | |
| As per moisture condition | *+GST 5% |
Market Prices:
The soybean meal prices opened flat in the domestic markets and some processors have reduce the prices by INR 300-500 PMT. The soybean meal prices range INR 33,200-36,000+ GST across India. Reseller are quoting soybean meal prices lower by INR 500-1200 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 | 33,200-34,800 |
| Maharashtra | 33,800-35,500 |
| Rajasthan | 34,500-35,300 |
| Karnataka | 34,600-35,700 |
| *+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) | 498 |
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 | 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 | 20,400-20,900 |
| Madhya Pradesh | 20,200-20,500 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 20,000-20,100+GST5% |
| Kandla-FAS (in USD/PMT) | 283 |