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 |