Today soybean opened weak in India. Yesterday the DGFT issued circulars capping the benefits earned by exporters under the MEIS scheme at 2 crores per exporters on exports made in the four month period from Sept.1 to Dec.31, 2020. It has also been notified in the circular that any IEC holder who has not made any exports for a period of one year preceding Sept. 1 or any new IEC obtained on or after the date of notification will not be eligible for submitting any claims under the MEIS scheme. Also it has been notified that the MEIS scheme is withdrawn w.e.f Jan 1, 2021.
In yesterday CBOT soybean traded up and remained supported following an update of poorer crop conditions in the US by USDA. The USDA reported a daily export announcement for 1,32,000 metric ton of soybeans for delivery during 2020-21 to unknown destinations. It is important to watch the weather in coming days at US. The MDEX is also supporting oil and trading +ve.
In India the soybean prices opened weak by INR 500 -750PMT taking cues from future exchanges. The soybean is trading at INR 38,760 against yesterday closed at INR 39,180 and today soybean prices traded low by 1.48% in the future exchange.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 39,000-40,000 | |
| Maharashtra | 39,000-40,500 | |
| Rajasthan | 39,500-40,500 | |
| Rest India | 39,250- 40,000 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices opened weak by INR 200-500 PMT. The reseller are quoting soybean meal prices lower by INR 500-800 PMT. The soybean meal prices range INR 31,000-34,800+ 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 in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 31,000-34,000 |
| Maharashtra | 32,800-34,800 |
| Rajasthan | 34,100-34,600 |
| Karnataka | 33,000-33,800 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 34,500+GST |
| Kandla-FAS (in USD/PMT) | NQ |
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 | 17,800-18,100 |
| *+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) | NQ |
Weather
Indian monsoon so far is above normal this season. The August month rains have saved the blasphemy of July shortfall. Rainfalls in MP and Gujarat states have reported much excess over normal in August month. The monsoon tally stand at 110% and India august month rains 26% over normal. The excess rains over the MP & Gujarat states are raising concerns for the health of standing Kharif crops. So far there is only partial adverse impact but any excess rains from now onwards may become challenging for the standing crops. It is important to watch September months rainfall pattern.
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, Odisha, some parts of TN & Kerala.
Light to moderate rainfall may be expected over some area of UP, Uttarakhand, north India, east Rajasthan, Gujarat, east MP, Chhattisgarh, Telangana, costal AP, Rayalaseema, interior & costal Karnataka.