In India soybeans market open flat to negative but in second half  recovered traded firm and  closed flat. The soybean prices opened weak in Some profit booking, firmer US currency  and beneficial moisture moving into Brazil for new crop planting spark sharp correction throughout the soy complex in yesterday CBOT. USDA announced another export sales of soybeans 132,000 metric tons to China, 132,000 metric ton to Pakistan and 171,000 metric ton for unknown destinations. Even continues export sales & the strong weekly export inspections (as per market expectations) were unable to stem the run of profit taking in soy complex. USDA weekly export inspections report noted 1.311 million metric tons of soybeans shipped on the week ending 17^th September. Marketing year to date soybean exports are 3.567million metric ton, outpacing last year by 1.399 million metric ton. The weekly Crop Progress report had 59% of soybeans dropping leaves, 9 points ahead of average. Soybean harvest was 6% complete as of 20^th September.

Today soybean opened flat to -ve in the future exchange & traded low by 0.88% in FH and soybean prices recovered in SH & traded up by 0.83% and closed at INR 39,900 against yesterday closed at INR 39,850.

Raining observed in central India in soybean grown belts, which are delaying the new soybeans arrival.

State	Plant Price (in INR-PMT)*
Madhya Pradesh	38,500-39,500
Maharashtra	39,000-40,000
Rajasthan	38,250-39,500
Rest India	38,500- 39,750
	As per moisture condition	*+GST 5%

Govt of India hikes the Minimum Support Price (MSP) for winter (Rabi ) crops. The major price increase given to Pulses and Oils Seed.

New MSP of Winter (Rabi) Crops	in INR/MT
Product	2020-21	2019-20	% Change
Wheat	19750	19250	2.60
Barley	16000	15250	4.92
Chick Pea	51000	48500	5.15
Lentil	51000	48000	6.25
Rapeseed	46500	44250	5.08

 

Today parliament passes bill to remove cereals, pulses, oil seeds, edible oils, onion & potatoes from the list of Essential commodities. It is important development in Indian commodity markets.

Market Prices:

Today soybean meal prices opened weak by INR 500-700 PMT. The soybean meal prices range INR 30,200-34,500+ GST across India. Resellers are prices lower by INR 200-300 PMT.

Importers are quoting the Sunflower meal prices firm .The Sunflower meal pellet prices quoted by importers are in range INR 24,500- 25,400 +GST  PMT ex Tuticorin port & INR 24,500-25,200+GST PMT ex Vizag port. Whereas resellers are quoting prices INR23,800-24,000 +GST PMT.

The rapeseed meal prices opened flat in the domestic markets.

 

Soybean Meal:

 

State	Plant Price (in INR-PMT)*
Madhya Pradesh	30,200-32,700
Maharashtra	31,200-34,500
Rajasthan	33,200-32,800
Karnataka	32,000-33,500
*+GST 5%	Moral condition
Soybean Meal Ex-Kandla Port
Port	Meal Price PMT
Kandla-FOR(in INR/PMT)	33,500+GST
Kandla-FAS (in USD/PMT)	465

Rapeseed Meal Domestic Ex- Location
State	Plant Price (in INR-PMT)*
Rajasthan	17,500-18,200
Madhya Pradesh	17,500-17,800
*+GST 5%	Moral condition
Rapeseed Meal at Kandla Port Ex- Location
Port	Meal Price PMT
Kandla-FOR(in INR/PMT)	17,700-17,800+GST5%
Kandla-FAS (in USD/PMT)	252

Weather

In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, AP, Jharkhand, east MP, some areas of Chhattisgarh, south Maharashtra, Telangana, Odisha, costal Karnataka & Kerala.

Light to moderate rains observed at some areas of north east India, Bihar, east UP, Uttarakhand, Rajasthan , Gujarat, south MP, interior Maharashtra, AP, Rayalaseema & TN.

Within next 24 hours moderate to heavy rainfall may be expected over northeast India, WB, Assam, Bihar, Jharkhand,  UP, MP, Odisha &  costal Karnataka.

Light to moderate rainfall may be expected over  Uttarakhand, Haryana, Punjab, east Rajasthan, Gujarat, Vidharbha, interior Maharashtra, AP, Telangana. Rayalaseema, TN & Kerala.

 

Excess rainfalls in the soybean grown areas are not good for the present crop.