In India soybean prices recovered taking cues from International markets. In MDEX also palm oil get strength from yesterday CBOT & oils prices traded firm and +ve. The October USDA report is on coming Friday & things could start looking tight before report. In yesterday Cbot soya complex rallied with the news that the Brazil continues to wait for rain and the dry weather has slowed plantings. Also USDA announced a private export sale of 154,400 metric tons of soybeans to unknown destinations. Trade claims that the China may remained active during the holiday & these sales lends support to some of those claims. The trade also talking that the China is coming for more soybeans after their holiday and US soybean demand for Feb month also. The strong China demand & South American weather issues that brings down the production and also delay the harvest could send soybeans on more upside. Also attached the WASDE preview soybeans report.
Today soybean prices recovered by INR 500-750 PMT in the domestic markets taking cues from CBOT and South America dry weather. The MP domestic markets also opened after strike. Today soybean arrivals are around 37,000-40,000 metric tons in the domestic market. In the future exchange soybean prices recovered & traded higher by 2.69% and trading at INR 39,560 against yesterday close of INR 38,710.
Weather is expected to remain dry in central India & the new crop soybeans arrival are coming with high moisture level in range 14%-22%.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 37,750-39,000 | |
| Maharashtra | 37,750-39,500 | |
| Rajasthan | 37,250-38,500 | |
| Rest India | 37,750- 38,750 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices recovered by INR 200-600 PMT. The soybean meal prices range INR 29,000-32,300+ 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 | 29,000-31,300 |
| Maharashtra | 30,500-32,300 |
| Rajasthan | 30,700-31,300 |
| Karnataka | 30,800-31,800 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 31,700 -32,000+GST |
| Kandla-FAS (in USD/PMT) | 446 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 18,000-18,200 | 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 | 17,400-17,800 |
| 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 WB, Assam, AP, Jharkhand, east MP, Chhattisgarh, Telangana & costal AP.
Light to moderate rains observed at north east India, Bihar, Odisha, costal Karnataka, TN & Kerala.
Moderate to heavy rainfalls may be expected over WB, Assam, Telangana & costal AP.
Light to moderate rainfalls may be expected at north east India, Bihar, Jharkhand, east MP, Chhattisgarh, Vidharbha, Telangana, Rayalaseema, Odisha, Karnataka, TN & Kerala.
Weather will remain dry in the north India and most parts of central India. The southwest monsoon has departed from North India, Rajasthan, some areas of UP & MP and some areas of Gujarat.