Today soybean again opened flat to positive in the future exchange taking cues MDEX

Today soybean again opened flat to positive in the future exchange taking cues MDEX. The soybean prices are still supported by the oils prices which recovered by INR 500-700 PMT. The soybean is trading at INR 37,840  (-0.42% dn) slight negative against yesterday closed at  INR 38,000 and today traded high by 0.47%. In India meal demand has still not recovered & with rising prices the feed mfgs & poultry farmers are buying very limited quantity as per their actual requirement.

  State Plant Price (in INR-PMT)*
Madhya Pradesh 37,000-38,000
Maharashtra 37,750-39,250
Rajasthan 37,000-38,000
Rest India 38,000-39,000
  As per moisture condition *+GST 5%

Market Prices:

Today soybean meal prices opened flat.  Soybean meal prices range INR 29,000-32,800+ GST across India. For some plants material, the reseller are quoting as low as INR 28,700 PMT+ GST in MP and INR 29,600 +GST in Maharashtra. In second half some of the  processors are offering soybean meal cheaper by INR 200-300 PMT then what they opened in morning session.

But with the increase in meal prices the buying appear to be weak as 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 is 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 22,800- 23,200 PMT + GST ex Tuticorin port & INR 22,500- 23,000 PMT + GST ex Vizag port. The resellers are quoting in price range INR 22,300-22,400 PMT +GST at Tuticorin and Vizag port respectively.

Soybean Meal:

State Plant Price (in INR-PMT)*
Madhya Pradesh 29,000-30,300
Maharashtra 30,000-32,400
Rajasthan 29,400-29,800
Karnataka 32,100-32,800
*+GST 5% Moral condition



In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, Sikkim, AP, Bihar, North India, some parts in UP,  MP, costal AP, some parts in Karnataka, interior TN & Kerala.

Light to moderate rains observed at some places at UP, Chhattisgarh, Gujarat, Maharashtra & some parts of Odisha.

Cyclonic circulation is still seen over south west Rajasthan.

Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, Assam, AP, Bihar, North India & east UP.

Light to moderate rainfall may be expected over some parts of MP & Chhattisgarh, Vidharbha, Marathwada, some parts of Rajasthan Gujarat, costal AP, Telangana, Odisha, Karnataka , some parts of TN & Kerala.