In India soybean prices recovered taking cues from International markets. In MDEX also oil prices recovered & remained supportive throughout the day. In Cbot soybeans had a weaker tone initially being first day of week, but later rallied back and closed +ve. The Fund is still expecting to see a bullish construed report from the USDA on Friday, means lower carry in, lower production and higher demand. Funds are also looking to see high chance of USDA downgrading Brazil new crop soybeans size from Sep estimate of 130 million metric tons as a fear of rains scarcity in coming days should further delay the new crop soybeans sowing. Yesterday the soybean meal took a hit due overbought as well as recently harvested soybeans moving to the processors. Soybean oil rallied hard taking its cue from a rebounding palm oil market as well as the sharply higher crude oil market. Funds were net buyers soybean oil & soybean futures contracts in CBOT and net sellers of soybean meal futures contracts.
- USDA weekly Export Inspections report showed 1.667 million metric tons vs 1.050-1.550 million metric tons as expected by trade.
- Weekly Soybean crop condition & progress 64% GE vs 64% expected vs 53% year ago
- Dropping Leaves 85% vs 82% 5-year average
- Soybeans Harvested 38% vs 36% expected vs 28% 5-year average
Today soybean prices recovered by INR 250-500 PMT in the domestic markets. In the future exchange soybean prices recovered taking cues from the International markets & also with the recovery in oil prices. The soybean traded higher by 1.04% and close at INR 38,640 against yesterday close of INR 38,470.
New crop soybeans arrival are coming with high moisture level in range 14%-22%.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 37,500-38,500 | |
| Maharashtra | 37,000-39,000 | |
| Rajasthan | 37,000-38,000 | |
| Rest India | 37,500- 38,500 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices opened weak by INR 200-500 PMT. The soybean meal prices range INR 28,500-32,200+ GST across India. Major problem is coming with high moisture between 12.5% to 14% & over toasting in the soybean meal.
The Sunflower meal pellet prices opened firm and the importers are quoting the prices in range INR 24,000- 24,500 +GST PMT ex Tuticorin & ex Vizag ports respectively. Whereas resellers are quoting prices INR23,700-23,800 +GST PMT.
The rapeseed meal prices opened flat in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 28,500-31,000 |
| Maharashtra | 29,600-32,200 |
| Rajasthan | 30,500-31,000 |
| Karnataka | 30,500-31,300 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 31,500 -31,700+GST |
| Kandla-FAS (in USD/PMT) | 442 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 18,000-18,500 | 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 | 24,000-24,500 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 24,000-24,500 | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,400-18,000 |
| Madhya Pradesh | 17,300-17,600 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 17,900-18,000+GST5% |
| Kandla-FAS (in USD/PMT) | 255 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at north east India, Assam, AP & Bihar.
Light to moderate rains observed at WB, Sikkim, east MP, Chhattisgarh, Vidharbha , costal AP, Odisha, north & interior Karnataka, TN & Kerala.
Moderate to heavy rainfalls may be expected over northeast India, WB, Assam, AP, Bihar, costal AP & costal Odisha.
Light to moderate rainfalls may be expected at Jharkhand, east UP, east MP, Chhattisgarh, Vidharbha, Telangana, interior Odisha, interior & costal Karnataka, TN & Kerala.
A low pressure area is seen over Odisha. Weather will remain dry in the north India and most parts of central India.