In India the soybean prices opened weak in the future exchange taking cues from the International market. In yesterday CBOT, soybean came down on the crop conditions report showing 73% of US soybean in good/excellent conditions. The soybean futures down by 1.5% as trade anticipate the higher yield estimate and even the soybean oil also came down on profit taking. The US weather is considered good for growing soybean with cooler temperatures and beneficial rains. Weather forecasts going forward appear to be beneficial for soybean crop development (pod-filling). Stone X (former FC Stone) suggests national soybean yield is 54.2 bu per acre & the USDA is expecting a 49.8 bu per acre yield, with the August report set to be released next Wednesday. The end result of all this was last week rally in November soybean totally erased. December meal came within US$2.0 of its contract before ending with a US$2.0 bounce. December soybean oil eased from its 3 month highs.
Brazil posted a record level of exports for July of 10.37 million mt, with around 60% of the 2019/20 harvest now exported versus 40% at the same time last year. Chinese buyers were actively buying Brazil 2021 new crop volume, and a US Gulf Coast cargo as well.
In India the soybean prices opened weak by INR 200-300 PMT in the domestic markets taking cues from future exchange and International markets. The soybean is trading at INR 37,800 against yesterday closed at INR 38,040 and today traded low by 1.16% in the future exchange. At JNPT the african soybean prices are in range INR37,000-37,250+ GST PMT.
In India the demand of meat & poultry products are still weak due to ongoing Shravan festival. Higher carry over stock of soybean and increased sowing weigh on the soybean prices.
|State||Plant Price (in INR-PMT)*|
|As per moisture condition||*+GST 5%|
Soybean meal prices opened weak today by INR 300-400 PMT. Soybean meal prices range INR 28,800-32,600+ GST across India. The resellers are quoting soybean meal price cheaper by 200-300 PMT. But buying appear to be dull today.
Meal demand is limited and the feed mfgs/poultry farmers are buying soybean meal as per their requirements & even though the poultries/feed mfgs have a limited stocks in their hand.
The meal demand also remains weak due to ongoing shravan festival & the prospects of bumper sowing of soybean this season due to timely good rains & huge carry over weigh on soybean as well as meal.
Sunflower meal prices open flat today. The Sunflower meal pellet prices quoted by importers are in range INR 22,500- 23,200 PMT + GST ex Tuticorin port & INR 22,500-23,000 Vizag port . The resellers are quoting in price range INR 22,300-22,400 PMT +GST at Tuticorin and INR 22,400 PMT+GST Vizag port respectively.
The rapeseed meal prices are weak by INR 100-300 PMT in domestic market.
|State||Plant Price (in INR-PMT)*|
|*+GST 5%||Moral condition|
|Soybean Meal Ex-Kandla Port|
|Port||Meal Price PMT|
|Kandla-FAS (in USD/PMT)||418|
In the last 24 hours, moderate to heavy rainfall observed at some part of Mahrashtra, costal Odisha, costal Karnataka & Kerala
Light to moderate rains observed at WB, Bihar, some parts of UP, Uttarakhand, Punjab, some parts of MP, Chhattisgarh, east Rajasthan, south & Kutch of Gujarat, central Maharashtra, Marathwada, AP, Telangana & interior Karnataka.
A cyclonic circulation is seen over south Gujarat.
Within next 24 hours moderate to heavy rainfall may be expected over WB, some parts of Gujarat & Maharashtra, Odisha, costal Karnataka & Kerala.
Light to moderate rainfall may be expected over Uttarakhand, Jharkhand, UP, North India, MP, Chhattisgarh, east Rajasthan, Marathwada, Vidharbha, Telangana & TN.