In India soybean prices opened weak taking cues from CBOT

In India soybean prices opened weak taking cues from CBOT but in SH market started improving with improvement in the palm oil prices in MDEX. Yesterday in CBOT, the soya complex traded weak due to good rains over the past few days in Argentina and southern Brazil more than offset the dryness in central Brazil soybean growing areas at least for now and also the concerns remain over potential contract cancellations from China and a reduced demand now that a majority of volume through January has been sourced. The higher US soybean prices will likely keep China buying to hold out for cheaper options out of Brazil. The weekly export inspections were solid & the USDA export Inspections report showed 74.83 million bushel of soybeans were shipped on the week ending 26th November. That was down 9% week vs week as they revised last week higher with additions to China and Vietnam. China was the top destination again for the week with 81.8% of the total. Soybean exports so far for the year 2020-21 were reported at 980.3 million bushel which is 65% ahead of last year’s pace and 10% above the 2016-17 record pace.

Brazil weather forecasts suggest the southern areas will continue to see additional moisture for the next few days. While the central areas of Brazil will continue with the ongoing dry bias. Beyond this week the southern areas will resume the dryer bias. The weather and productions concerns remain for SA and it considerations will continue to dominate the day to day focus.

Today soybean prices opened flat in the domestic markets. All India soybeans arrival are reported around 38,000-40,000 metric tons in the domestic markets. In the future exchange soybean prices opened weak initially and traded low by 0.79% & in SH the prices started improving and traded high by 0.97% & at end of day closed firm at INR 44,480 against yesterday close of INR 44,150.

  State Plant Price (in INR-PMT)*
Madhya Pradesh 43,750-44,500
Maharashtra 43,500-45,500
Rajasthan 43,750-44,250
Rest India 43,750- 45,000
  As per moisture condition *+GST 5%

Market Prices :

The soybean meal prices traded flat in the domestic markets. The soybean meal prices range INR 32,900-36,000+ GST across India. Reseller are quoting soybean meal prices lower by INR 200-400 PMT.  The poultry farmers/feed mfgs buying remain weak today.

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 27,800-28,000 +GST PMT.

The rapeseed meal prices open flat to weak in the domestic markets.


Soybean Meal:


State Plant Price (in INR-PMT)*
Madhya Pradesh 32,900-34,500
Maharashtra 34,300-36,000
Rajasthan 34,000-34,500
Karnataka 34,800-35,800
*+GST 5% Moral condition
Soybean Meal Ex-Kandla Port
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 36,000 -36,200+GST
Kandla-FAS (in USD/PMT) 500



Sunflower Meal:

Sunflower Meal Domestic Ex- Location
State Plant Price (in INR-PMT)* Min Protein
Karnataka 25,000-25,500 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 28,200-28,500 35%
Argentina Origin -Pellets(in INR/PMT) Vizag 27,000-27,500 32%-34%
*+GST 5% Moral condition



Rapeseed Meal:

Rapeseed Meal Domestic Ex- Location
State Plant Price (in INR-PMT)*
Rajasthan 20,200-21,000
Madhya Pradesh 20,300-20,800
*+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