soybean opened weak in India on Monday in the future exchange due to weak oil in future exchange & weak MDEX due to profit booking.
China buyers have been actively covering soybeans purchases from US. Last Friday USDA reported another private export sale of 318,000 MT soybeans of 2020-21 to China. There are roughly thirty cargoes of US soybeans purchased in the week to Sept. 4 2020. In Cbot, Soybean posted fractional to 3% gains on last Friday.
In India the soybean prices opened weak with weak oil prices in future exchange and in domestic markets soybean opened weak by INR300-500 PMT. The soybean is trading at INR 38,300 against yesterday closed at INR 38,760 and today soybean prices traded low by 1.75% in the future exchange.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 38,500-39,750 | |
| Maharashtra | 38,250-40,000 | |
| Rajasthan | 39,000-40,000 | |
| Rest India | 38,700- 39,700 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices also opened weak by INR 300-500 PMT. The reseller are quoting soybean meal prices lower by INR 300-600 PMT. The soybean meal prices range INR 30,500-34,000+ GST across India.
The 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.
Sunflower meal prices open firm. The Sunflower meal pellet prices quoted by importers are in range INR 24,500- 25,000 +GST PMT ex Tuticorin port & INR 24,000-24,800+GST PMT ex Vizag port. Resellers are quoting INR23,900-24,000 +GST PMT. The firm demand from buyers are in range INR 23,700-900 PMT.
The rapeseed meal prices opened weak by INR 200-300 PMT in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 30,500-33,200 |
| Maharashtra | 32,600-34,000 |
| Rajasthan | 32,500-33,200 |
| Karnataka | 32,700-33,500 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 33,000+GST |
| Kandla-FAS (in USD/PMT) | 460 |
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,400-17,800 |
| Madhya Pradesh | 17,700-18,000 |
| *+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) | 250 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, UP, Uttarakhand, Rajasthan, some area of Gujarat, some area of MP, Maharashtra, & Kerala.
Light to moderate rains observed at some areas of Bihar, HP, Punjab, Haryana, MP, Chhattisgarh , Odisha & TN.
A cyclonic circulation is seen over UP & north west Rajasthan.
Within next 24 hours moderate to heavy rainfall may be expected over northeast India Sikkim, AP, Assam, UP, Uttarakhand, north west Rajasthan, some area of MP, central Maharashtra, Marathwada, Telangana, interior Karnataka, some areas of TN & Kerala.
Light to moderate rainfall may be expected over Bihar, Jharkhand, north India, east Rajasthan, some areas of Gujarat, Chhattisgarh, Vidharbha & costal A .P.