Today soybean opened positive in the future exchange taking cue from MDEX

Today soybean opened positive in the future exchange taking cue from MDEX . In yesterday CBOT,  soybean remains firm despite reports of Chinese crushers were making fewer enquiries amid escalating tensions. But in India the soybean prices remains same in domestic markets as demand for meal and oil have been slow down at higher level. Higher carry over stock of soybean and increased sowing weigh on the soybean prices. Whereas in MDEX , oil traded 92 ringgits high due to weather concerns at Indonesia  and  strong demand of palm by China.

In India the demand of meat & poultry products are still weak due to ongoing Shravan festival.

The soybean is trading at INR 37,760  against yesterday closed at  INR 37,720 and today traded high by 0.48% & low by 0.32% in the future exchange.

  State Plant Price (in INR-PMT)*
Madhya Pradesh 36,,750-37,500
Maharashtra 37,500-39,000
Rajasthan 37,000-37,750
Rest India 37,750-38,500
  As per moisture condition *+GST 5%


Market Prices:

Today soybean meal prices opened weak by INR 200-300 PMT and some processors are quoting same prices as yesterday.  Soybean meal prices range INR 28,700-32,600+ GST across India. For some plants material, the reseller are quoting as low as INR 28,500 PMT+ GST in MP and INR 29,500 +GST in Maharashtra.

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 22,800- 23,200 PMT + GST ex Tuticorin port & INR 22,500- 23,300 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 28,700-30,300
Maharashtra 29,800-32,300
Rajasthan 29,400-29,800
Karnataka 31,800-32,600
*+GST 5% Moral condition



In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, east-south MP, south Gujarat, some parts of Maharashtra, Telangana, Odisha & interior Karnataka.

Light to moderate rains observed at some places at some parts of Bihar, UP, North India, some parts in Rajasthan, Karnataka, interior TN & Kerala.

Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, Assam, AP, some parts of Bihar, Marathwada & central Maharashtra, costal AP, Telangana, Odisha & north Karnataka.

Light to moderate rainfall may be expected over some parts of UP, Chhattisgarh, some parts of Rajasthan, east and south MP, south Gujarat, costal Karnataka , some parts of TN & Kerala.