The Indian agriculture ministry on 24th July released the sowing progress report for this kharif season and according to them the area under oilseeds increased by 24.56% to 16.636 million hectare vs 13.356million hectare during the same period previous season. In Soybean the farmers have sowed 11.4482million hectare which is up by 17.86% vs 9.7132 million hectare planted in the same week in the previous season. Also the area under groundnut sowing is up by 55.21% i.e 4.228 million hectare vs 2.724million hectare as compared the same week last season. The sowing of oilseeds in MP & Maharashtra accounting for more than 10 million hectare and these two states accounted for nearly 84.42% of soybean sowing in the country. In the Gujarat state groundnut sowing area increased around 50% this season to 2 million hectare as compared to last year. This season highest increase was recorded in pulses (25.7% increase) & oil seeds because of the timely widespread rains, good soil moisture and well availability of labour in villages due to Covid. There is about 25% increased sowing in the pulses and oilseeds crops this season as compared to same period last season. States wise sowing of soybean as below:
|Area in Million Hectare|
|Soybean sowing||As on 24th July 2020||Change|
Today soybean opened -ve in the future exchange taking cue from MDEX as profit booking was observed in FH and later at MDEX palm traded low by 109 ringgits. Also in CBOT soybean future appear to weak, as rising U.S.- China tensions are likely to derail soybean exports to China. In India also the soybean prices open weak by INR 200-300 PMT in domestic markets as demand for meal and oil have been slow down. Higher carry over stock of soybean and increased sowing weigh on the soybean prices.
In India the demand of meat & poultry products are still weak due to ongoing Shravan festival.
The soybean is trading at INR 37,620 against yesterday closed at INR 37,920 and today traded low by 1.05% in the future exchange.
|State||Plant Price (in INR-PMT)*|
|As per moisture condition||*+GST 5%|
Today soybean meal prices opened weak by INR 200-300 PMT and some processors are quoting same prices as Friday. Soybean meal prices range INR 28,500-32,300+ GST across India. Some processors are quoting cheaper by INR 300-400 PMT in second half.
Meal demand is very poor 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 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.
The Sunflower meal pellet prices quoted by importers are in range INR 22,700- 23,000 PMT + GST ex Tuticorin port & INR 22,500- 23,300 PMT + GST ex Vizag port. The resellers are quoting in price range INR 22,200-22,300 PMT +GST at Tuticorin and INR 22,400 PMT+GST Vizag port respectively.
|State||Plant Price (in INR-PMT)*|
|*+GST 5%||Moral condition|
In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, Jharkhand, Uttarakhand & costal Karnataka.
Light to moderate rains observed at some places at north east India, some part of UP, Rajasthan, some parts of Gujarat, west & central MP, AP, TN & Kerala.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, Assam, north east India , costal Karnataka & Kerala.
Light to moderate rainfall may be expected over some parts of UP, North India, some parts of Rajasthan, MP, Gujarat, Maharashtra, Telangana, Rayalaseema, interior Karnataka & TN .