Today soybean again opened in +ve node in the future exchange due to recovery in MDEX and strong rally in the Cbot for second straight session. Lower than expected sowing & emerging weather concerns raising yield worries in US which is supporting the soybean. The soybean is trading at INR 37,440 against yesterday closed of INR 37,320 and traded high by 0.7%.
State Plant Price (in INR-PMT)*
Madhya Pradesh – 37,250-38,000
Maharashtra – 37,500-39,250
Rajasthan – 36,750-37,500
Rest India – 38,250-39,250
As per moisture condition
Today soybean meal prices recovered by INR 200-300 PMT in the domestic market with recovery in soybean.
Today soybean meal prices range INR 29,200-33,000+ GST across India.
For some plants material, the reseller are quoting as low as INR 28,500 PMT+ GST in MP and INR 29,600 +GST in Maharashtra.
For the time being marginal gains is expected to continue in meal & bean, whereas the meal demand due to shravan festival, huge inventory left and prospects of bumper sowing of soybean due to timely good monsoon weigh on soybean & meal.
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 Sunflower meal pellet prices quoted by importers are in range INR 23,000- 23,500 PMT + GST ex Tuticorin & ex Vizag ports. The resellers are quoting in price range INR 22,500-22,700 PMT +GST at Tuticorin and Vizag port respectively.
Currancy & Update
Indian rupee opened flat today at INR 75.49 per USD against previous close of 75.58 & trading at INR 74.86 at time of writing report.
Indian rupee appreciated today tracking strength in the global markets which rose on hopes that potential effective vaccine for Covid-19 has been developed by Pfizer Inc and its partner BioNTech. The vaccine has shown success in early-stage human trials. Besides that foreign fund inflow investments in Reliance Industries subsidiary is also creating positive sentiments. Government of India has also approved a scheme to improve the liquidity position of the NBFC’s and HFC’s.
Good rains were observed in south Chhattisgarh, south Gujarat, east MP, some parts of Madhya Maharashtra, Vidarbha, Goa, Konkan area & costal Karnataka.
Normal showers were observed in Kerala, TN, costal AP , Rayalaseema, Telangana, Bihar, WB, Jharkhand, southern & eastern Rajasthan and eastern UP.
Light to moderate rains were observed in Haryana, northern Rajasthan & central MP where as in Punjab, western Rajasthan & Delhi the conditions were indolent.
Monsoon will remain active during 24 hours in western & central parts of MP, Konkan Goa, costal Karnataka, WB, Sikkim, Assam & AP.
Light to moderate rains within next 24 hours over parts of Uttarakhand, north east part of India, southern Rajasthan, parts of southern Gujarat, Chhattisgarh, central Maharashtra, Marathwada, parts of Odisha, southern interior Karnataka & Kerala.
In many parts of Maharashtra good rains are expected in coming days.