In India soybean prices opened firm taking cues from the International markets. Yesterday in CBOT soybean opens sideways, but after the release of NOPA crush reports the soy complex started improving as they released a better than expected set of crushing data. As per NOPA the November soybean crush around 4.926 million metric tons vs previous month crush of 5.041 million metric tons, the number was 2.28% lower month on month however 9.7% higher year on year. The report was above the average trade estimate but within the range of estimates. The soybean meal export reached 1.082 million metric tons. NOPA soybean oil stocks were slightly above the trade average estimate of 1.557b lbs reported.
The soybeans in CBOT are also getting support from Argentina where labour strikes continue to be the point its hard to find soybean oil offers as well as soybean meal offers. It should be noted this is not a big time of the year for Argentina crushing. Also weather in SA looks friendly and in the crop development little has changed on that front this week. Brazil seems mostly fine with Argentina having some concerns over dry weather. AgRural reported soybeans are 95% planted in Brazil and behind LY’s pace by 1% whereas in Argentina soybean planting is 62% completed and that trails the 5 year average by 1% as well.
Today soybean prices recovered and improved by INR 250-500 PMT in the domestic markets. The major credit goes to soybean oil in raising the soybean prices. All India soybeans arrival are reported around 32,000-33,000 metric tons in the domestic markets. In the future exchange soybean prices opened firm to positive and traded high by 1.99% & closed at INR 44,110 against yesterday close of INR 43,630.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 43,750-44,750 | |
| Maharashtra | 43,500-45,250 | |
| Rajasthan | 43,750-44,500 | |
| Rest India | 44,250- 45,500 | |
| As per moisture condition | *+GST 5% |
Market Prices :
The soybean meal prices recovered by INR 300-500 pmt in the domestic market with the recovery in soybean prices. Though the soybean meal demand is hand to mouth. The soybean meal prices range INR 32,500-35,700+ GST across India. Reseller are quoting soybean meal prices lower by INR 200-400 PMT.
The Sunflower meal pellet prices remains same & the importers are quoting in the price range INR 28,000- 28,500 +GST PMT ex Tuticorin port. Whereas resellers are quoting prices INR 27,800-27,900 +GST PMT.
The rapeseed meal prices opened flat today in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 32,500-34,000 |
| Maharashtra | 32,800-34,500 |
| Rajasthan | 32,800-34,000 |
| Karnataka | 34,300-35,700 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 35,000 -35,200+GST |
| Kandla-FAS (in USD/PMT) | 488 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | NQ | 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 | 28,000-28,500 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 26,500-27,000 | 32%-34% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 18,600-19,600 |
| Madhya Pradesh | 18,600-19,000 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 19,000-19,200+GST5% |
| Kandla-FAS (in USD/PMT) | 272 |