In India soybeans market opened weak taking cues from International markets


In India soybeans market opened weak taking cues from International markets. In Cbot, soybean complex traded weak yesterday due to dry & clear weather conditions in the next week & the harvest pressure. Soybean crop harvesting much faster and USDA reported that 20% soybean crop harvested so far which is much better than 5year average of 15%. Despite weak demand of soybeans from China due to holiday week starting from 1st Oct. 2020, there were still few buyers purchasing soybeans & pushing the soybean basis firm. At the same time US soybean farmers are refusing to sell at lower prices as there is still large uncovered soybean demand from China. Yesterday USDA announced another export sales of 100,000 metric tons of soybeans to Mexico. Soybean meal supplies continues to be tight as some plants are under maintenance in US south & Midwest areas.

Today soybean prices opened weak by INR 250-300 PMT. In the future exchange soybean opened weak and traded low by1.07% and in last minutes the soybean prices recovered and traded high by 1.01% and closed near high at INR 38,820 against yesterday closed of INR 38,460. New crop soybean arrivals are expected to improve in coming days.

  State Plant Price (in INR-PMT)*
Madhya Pradesh 38,000-39,500
Maharashtra 37,500-40,500
Rajasthan 38,000-39,000
Rest India 38,250- 39,000
  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 29,800-33,300+ GST across India. Resellers are quoting the prices lower by INR 200-300 PMT for ready delivery.

Importers have reduce the prices of Sunflower meal pellets by INR 400-500 PMT.  The Sunflower meal pellet prices quoted by importers are in range INR 24,000- 24,500 +GST  PMT ex Tuticorin port & ex Vizag port. Whereas resellers are quoting prices INR23,700-23,800 +GST PMT.

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


Soybean Meal:


State Plant Price (in INR-PMT)*
Madhya Pradesh 29,800-31,800
Maharashtra 30,600-33,300
Rajasthan 31,300-31,800
Karnataka 31,200-31,700
*+GST 5% Moral condition
Soybean Meal Ex-Kandla Port
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 31,300 -31,500+GST
Kandla-FAS (in USD/PMT) 437



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 17,200-17,800
Madhya Pradesh 17,200-17,500
*+GST 5% Moral condition
Rapeseed Meal at Kandla Port Ex- Location
Port Meal Price PMT
Kandla-FOR(in INR/PMT) 17,500-17,600+GST5%
Kandla-FAS (in USD/PMT) 249



In the last 24 hours, moderate to heavy rainfall observed at AP, costal Odisha, interior & costal Karnataka & TN.

Light to moderate rains observed at some areas of north east India, WB, Sikkim, south Rajasthan, south Gujarat, south east MP, south Chhattisgarh, Vidharbha, Telangana, interior Odisha &  Kerala.

There has been no further progress in the withdrawal of the monsoon after the process began from West Rajasthan on Monday, but IMD assessing that the conditions are becoming favorable for it to proceed during the next two days.

Moderate to heavy rainfalls may be expected over Telangana, AP, costal Odisha & costal Karnataka.

Light to moderate rainfalls may be expected northeast India, WB, Sikkim,  south Rajasthan, south MP, south Chhattisgarh, central Maharashtra, Vidharbha, Marathwada, AP, Odisha, TN & Kerala.