In India the soybean prices opened flat to positive in the future exchange taking cues from MDEX. In yesterday CBOT, initially the technical buying kept soybean futures steady but the news of fresh rainfall overnight in key growing areas pushes futures lower. Soybeans were lower on great growing conditions for the US crop and no new demand reports.The USDA put out a private export announcement showing that 192,000 mt of new crop soybeans were sold to China. The market keeps worrying about new sales to China as tensions between the US and China grow.
Stone X forecast that in the next season the soybean production in Brazil will hit a record 132.6 million metric tons due to strong demand from China & the farmers also intend to expand acreage.
In India the soybean prices opened flat in the domestic markets & later improve by INR 250-500 PMT taking cues from MDEX. The soybean is trading at INR 38,760 against yesterday closed at INR 37,940 and today traded high by 2.37% in the future exchange. At JNPT the african soybean prices are in range INR37,400-37,600+ 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 flat today. Soybean meal prices range INR 28,800-32,600+ GST across India. But buying appear to be dull today and in second half some processors started offering lower by INR 200-400 PMT.
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 recover by INR 200-300 PMT in domestic market due to firm prices of rapeseed.
|State||Plant Price (in INR-PMT)*|
|*+GST 5%||Moral condition|
|Soybean Meal Ex-Kandla Port|
|Port||Meal Price PMT|
|Kandla-FAS (in USD/PMT)||419|
In the last 24 hours, moderate to heavy rainfall observed at WB, Sikkim, MP, some parts of Chhattisgarh, central Gujarat, some part of Maharashtra, costal Odisha, costal Karnataka, interior TN & Kerala
Light to moderate rains observed at Bihar, some parts of UP, Uttarakhand, Punjab, Chhattisgarh, east Rajasthan, remaining of Gujarat, AP, Telangana & interior Karnataka.
A cyclonic circulation is seen over south Gujarat and adjoining areas, the weakening low-pressure area is expected to bring another spell of rains along its path over west MP, Gujarat, south-west Rajasthan & Mumbai. IMD forecast the impact towards Rajasthan across Central India and North-West India.
Within next 24 hours moderate to heavy rainfall may be expected over WB, MP, east Rajasthan, Gujarat , Maharashtra, Odisha, costal Karnataka & Kerala.
Light to moderate rainfall may be expected over some parts of Bihar, Uttarakhand, Jharkhand, east & west UP, North India, MP, Chhattisgarh, Vidharbha, AP, Telangana, interior Karnataka & TN.