In India soybean prices opened weak again due to weakness in edible oils and also taking cues from the International markets. In CBOT, the soybean traded weak due to profit taking and weak US currency. Another reason of weakness in soybean prices was better weather developing for the SA soybean crop as well as the latest COT report suggesting further spec liquidation. Actually speaking the market is moving rangebound, lacking direction and waiting for WASDE report on the 10th Dec 2020. Funds attention is focused on this reports as they are expecting world soybean ending stocks to be lower. Even some reports are also suggesting the soybean carryout could decline another 21-22 million bushels.
The buyers from China were on the side-lines, waiting for the crush margins to improve to make for additional purchases.
Markets in Argentina were closed for Monday and Tuesday as National holidays
Today soybean prices opened weak by INR 250-500 PMT in the domestic markets. All India soybeans arrival are reported around 31,000-33,000 metric tons in the domestic markets. In the future exchange soybean prices opened weak and traded low by 1.43% & at closed at INR 42,400 against yesterday close of INR 42,770.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 42,250-43,000 | |
| Maharashtra | 42,250-43,500 | |
| Rajasthan | 42,500-43,000 | |
| Rest India | 42,750- 43,750 | |
| As per moisture condition | *+GST 5% |
Market Prices :
The soybean meal prices opened weak in the domestic markets due to weak demand of meal. The soybean meal prices range INR 31,500-34,700+ GST across India. Reseller are quoting soybean meal prices lower by INR 200-500 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 27,700-27,800 +GST PMT.
The rapeseed meal prices open weak by INR 300-400 PMT in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 31,500-33,900 |
| Maharashtra | 32,700-34,700 |
| Rajasthan | 32,400-33,100 |
| Karnataka | 33,600-34,700 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 34,700 -35,000+GST |
| Kandla-FAS (in USD/PMT) | 484 |
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 | 27,000-27,300 | 32%-34% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 19,600-20,200 |
| Madhya Pradesh | 19,500-20,000 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 20,300-20,400+GST5% |
| Kandla-FAS (in USD/PMT) | 286 |