Today soybean opened weak in future exchange despite positive cues from CBOT and MDEX, some profit booking observed. In yesterday CBOT soybean and soybean meal traded up whereas soybean oil traded low on fear of US processors have more stocks on weak exports. Dry weather conditions, crop damage & continuous China soybean buying support the soybean prices. After the CBOT close the USDA reported 95% of soybeans were setting pods & 8% of soybeans dropping leaves which is even with the average. Also the USDA further lowers US soybeans crop condition by 3pt, though the funds feel in the coming days rains can help late sowed crop but US weekly Soy inspections drops 30% vs last week.
In India the soybean prices opened weak by INR 500 -750PMT taking cues from future exchanges. The soybean is trading at INR 39,140 against yesterday closed at INR 40,540 and today soybean prices traded low up by 3.80% in the future exchange. Today is the day of lower circuit.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 39,750-40,750 | |
| Maharashtra | 39,500-41,500 | |
| Rajasthan | 40,000-41,000 | |
| Rest India | 40,000- 40,250 | |
| As per moisture condition | *+GST 5% |
Market Prices:
In MP & Rajasthan states the processors have opened the soybean meal prices firm whereas in other states the soybean prices opened weak by INR 300-500 PMT. The reseller are quoting soybean meal prices lower by INR 500-700 PMT and in SH the MP and Rajasthan some processors also reduce the price by INR 500-600 PMT. The soybean meal prices range INR 32,500-35,000+ GST across India.
The 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.
Sunflower meal prices open firm. The Sunflower meal pellet prices quoted by importers are in range INR 25,000- 25,500 PMT +GST ex Tuticorin port & INR 24,500-25,000 ex Vizag port. The firm demand from buyers are in range INR 24,000-200 PMT.
The rapeseed meal prices opened firm to positive & improve by INR 200-300 PMT in the domestic market. The rapeseed prices are firm due to low supply from farmers, Govt. agencies have a stock of 1.1 million metric tons and trade body is now assuming the crop size is not in line with the earlier estimate and now they assume the rapeseed crop to be 6.9 million metric ton.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 32,500-34,200 |
| Maharashtra | 33,500-35,000 |
| Rajasthan | 34,500-35,000 |
| Karnataka | 33,700-34,500 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 35,000+GST |
| Kandla-FAS (in USD/PMT) | 468 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 19,500-19,800 | 26% |
| Karnataka | 21,500-22,000 | 32% |
| *+GST 5% | Moral condition | |
| Sunflower Meal Ex- Tuticorin & Vizag Ports | ||
| Port | Meal Price PMT | Min Protein |
| Ukraine Origin -Pellets(in INR/PMT) Tuticorin | 25,000-25,500 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 24,500-25,000 | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,500-18,000 |
| Madhya Pradesh | 17,900-18,200 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 17,700-17,800+GST5% |
| Kandla-FAS (in USD/PMT) | 242 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Sikkim, Assam, west Rajasthan, some parts of Gujarat, some parts of MP, Karnataka, TN & Kerala.
Light to moderate rains observed at north east India, some parts of Bihar, some parts of UP, Uttarakhand, north India, some parts of Rajasthan, west MP & Odisha.
Low pressure area is observed at north east India, TN & west Rajasthan.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, Assam, Bihar, west Rajasthan, some parts of TN & Kerala.
Light to moderate rainfall may be expected over some area of UP, Uttarakhand, north India, east Rajasthan, some parts of Gujarat, east MP, Chhattisgarh, Telangana, costal AP, Rayalaseema, some parts of Odisha interior & costal Karnataka.