Today soybean again opened -ve initially at today low in the future exchange and soon the future exchange made recovery with strong oil prices and also taking the direction from MDEX. South American soybean oil have firm tone as soybean oil shortage to accelerate further with the suspension of operations of COFCO & BUNGE plants due to some of their employees tested +ve with COVID19. Though in yesterday CBOT, the soya complex traded weak following improved conditions reported by NASS. They reported that 72% of soybean crop as good to excellent condition and above market expectation which has raised the potential for a large harvest on ideal US weather. In Malaysia also high shortage of manpower due to ongoing COVID19 will affect Palm production.
In India the soybean prices open flat in domestic markets as demand for meal and oil have still not pick up. Higher carry over stock of soybean and increased sowing weigh on the soybean prices. The soybean is trading at INR 37,740 against yesterday closed at INR 37,620 and today traded high by 0.43% in the future exchange. At JNPT the African soybean prices are in range INR36,750-37,000+ GST PMT.
In India the demand of meat & poultry products are still weak due to ongoing Shravan festival.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 36,500-37,250 | |
| Maharashtra | 37,250-38,500 | |
| Rajasthan | 36,500-37,250 | |
| Rest India | 37,500-38,250 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices opened flat taking cues from future exchanges. 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 22,500- 23,000 PMT + GST ex Tuticorin & Vizag ports. 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. The local processed sunflower meal prices have come down in Karnataka with protein 26% min and are available at INR 18,500-18,700+GST ex locations. The rapeseed meal prices improved in domestic market due to ongoing export.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 28,500-30,000 |
| Maharashtra | 29,500-31,800 |
| Rajasthan | 29,300-29,700 |
| Karnataka | 31,700-32,300 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 31,800+GST |
| Kandla-FAS (in USD/PMT) | 415 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 18,500-18,700 | 26% |
| Karnataka | 20,500-21,000 | 32% |
| *+GST 5% | Moral condition | |
| Sunflower Meal Ex- Tuticorin & Vizag Ports | ||
| Port | Meal Price PMT | Min Protein |
| Ukraine Origin -Pellets(in INR/PMT) Tuticorin | 22,700-23,000 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 22,500-23,300 | 35% |
| *+GST 5% | Moral condition | |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, AP & Jharkhand.
Light to moderate rains observed at North east, Bihar, HP, Uttarakhand, UP, east-south MP, some parts of Gujarat, Vidharbha, Marathwada, central Maharashtra, Chhattisgarh, Telangana, Rayalaseema, Karnataka, south TN & Kerala.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, Assam, Bihar, UP, North India, some parts of MP, Chhattisgarh, Vidharbha, Marathwada, south Gujarat, costal Karnataka & Kerala.
Light to moderate rainfall may be expected over east Rajasthan, AP, Telangana, interior Karnataka & TN.