In India soybean prices opened weak today due to weakness in edible oils and weak demand in meal

In India soybean prices opened weak today due to weakness in edible oils and weak demand in meal. Last Friday in CBOT, the soybean traded weak due to profit taking and improved weather conditions in SA  after recent rainfalls which have improved the crop prospects. Dry conditions in SA have fueled fears that a disappointing soybean harvest would strain international supplies after China have already swept up much of the new crop US soybean.

Today soybean prices opened almost flat in the domestic markets and some processors have reduce the prices by INR250-500 PMT in the morning. All India soybeans arrival are reported around 35,000-36,000 metric tons in the domestic markets. In the future exchange soybean prices opened weak and traded low by 2.65%  & at closed  weak at INR 42,620 against Friday close of INR 43,780.

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

Indian Rapeseed (Mustard )Crop Sowing Progress:

India winter crop sowing is going with good speed and on 4th Dec.2020, the GOI release the sowing updates and as per the information the total area planted under rabi crops is 43.059 million hectares vs 41.441 million hectares planted in the corresponding week last year and it is up by 3.91% on year. In the Rapeseed the area planted so far is 6.182 million hectares vs 5.741 million hectares planted in the corresponding week last year and it is up by 7.68% on year. The rise in area is primarily due to favourable weather and higher returns. The MSP fixed by GOI for rapeseed for the year 2020-21 is INR46,500/ PMT vs last year at INR 44,250/ PMT. This year an increase in the area of pulses & oil seeds has pushed up rabi planting.

Area in Million Hectare
Rapeseed Sowing As on 4th Dec. 2020 Change
State 2020-2021 2019-2020 in %
Rajasthan 2.426 2.276 6.59
MP 0.7 0.635 10.24
UP 1.205 1.183 1.86
Haryana 0.598 0.545 9.72
Assam 0.185 0.193 -4.15
Gujarat 0.1972 0.1623 21.50
West Bengal 0.32 0.315 1.59
Jharkhand 0.1995 0.0779 156.10
Others 0.3513 0.3538 -0.71
Total 6.182 5.741 7.68

Market Prices :

The soybean meal prices opened  weak in the domestic markets due to weak demand of meal. The soybean meal prices range INR 32,000-35,300+ GST across India. Reseller are quoting soybean meal prices lower by INR 300-700 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 27,800-28,000 +GST PMT.

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

 

Soybean Meal:

 

State Plant Price (in INR-PMT)*
Madhya Pradesh 32,000-33,900
Maharashtra 33,500-35,000
Rajasthan 33,000-33,800
Karnataka 34,300-35,300
*+GST 5% Moral condition
Soybean Meal Ex-Kandla Port
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 35,200 -35,300+GST
Kandla-FAS (in USD/PMT) 489

 

 

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 28,200-28,500 35%
Ukraine 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 20,000-20,500
Madhya Pradesh 19,900-20,300
*+GST 5% Moral condition
Rapeseed Meal at Kandla Port Ex- Location
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 20,500-20,700+GST5%
Kandla-FAS (in USD/PMT) 290