In India soybean again railed taking cues from International markets. In Cbot soybean meal & soybean prices rose for the second consecutive day due to continued buying by China and dry weather concern at South America and planting getting delayed. There are concerns that the La Nina affecting the South American soybean crop. The Mato Grosso Institute of Ag Economics noted it is the driest start to the growing season in at least the last decade. The USDA announced another sale by private exporters of 132,000 metric tons to China and 120,000 metric tons soybeans to unknown destinations most likely China and Egypt. The bullish momentum in soybean meal and soybean continues in CBOT. Gulf locations are on storm watch with the approaching Hurricane Delta that is expected to close operations at export terminals and further tighten an already packed 2020 loading schedule. In MDEX palm oil opened lower but later on recovered and closed +ve.
Today soybean prices again recovered by INR 750 -1000 PMT in the domestic markets taking cues from CBOT and South America dry weather. Today soybean arrivals are around 45,000-50,000 metric tons in the domestic market. In the future exchange soybean prices opened firm and traded higher by 2.13% and today close at INR 39,980 against yesterday close of INR 39,550.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 38,750-39,750 | |
| Maharashtra | 38,500-40,000 | |
| Rajasthan | 38,000-38,500 | |
| Rest India | 38,750- 39,750 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices also recovered by INR 600-1000 PMT taking cues from CBOT. The soybean meal prices range INR 31,000-33,000+ GST across India. Reseller are quoting soybean meal prices lower by INR 200-500 PMT.
The Sunflower meal pellet prices opened firm and the importers are quoting the prices in range INR 24,200- 24,500 +GST PMT ex Tuticorin & ex Vizag ports respectively. Whereas resellers are quoting prices INR23,800-24,000 +GST PMT. An enquiry by buyers in price range 23,500-23,600 level but importers remained firm at their prices.
The rapeseed meal prices also recovered by INR 100-200 PMT in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 31,000-32,000 |
| Maharashtra | 30,800-33,000 |
| Rajasthan | 30,900-31,600 |
| Karnataka | 31,000-32,500 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 32,700 -33,000+GST |
| Kandla-FAS (in USD/PMT) | 460 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 18,000-18,200 | 26% |
| Karnataka | NQ | 32% |
| *+GST 5% | Moral condition | |
| Sunflower Meal Ex- Tuticorin & Vizag Ports | ||
| Port | Meal Price PMT | Min Protein |
| Ukraine Origin -Pellets(in INR/PMT) Tuticorin | 24,200-24,500 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 24,200-24,500 | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,600-18,000 |
| Madhya Pradesh | 17,400-17,700 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 17,900-18,000+GST5% |
| Kandla-FAS (in USD/PMT) | 256 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at north east, WB, Sikkim, east MP, Chhattisgarh, Odisha, TN & Kerala.
Light to moderate rains observed at Bihar, Vidharbha, Telangana, interior & costal Karnataka.
Moderate to heavy rainfalls may be expected over northeast India, WB, Bihar, Jharkhand, east MP, Chhattisgarh, Vidharbha, AP, Telangana & Kerala.
Light to moderate rainfalls may be expected at some areas of UP, central Maharashtra, Marathwada & costal Karnataka.
Weather will remain dry in the north India . A cyclonic circulation is seen over AP.