In India soybean prices opened weak by INR 250-300 PMT across the domestic markets. Last Friday in the cbot the soybean recovered and traded up with soybean oil and meal. USDA announced an export sale of soybeans to unknown destinations by private exporters for 121,500 metric tons. China has no immediate demand as they are fully covered till December. US soybeans for February origin will still be the focus by Chinese buyers due to possible crop delays and they are looking for soybeans of Brazil origin for forwards months. The US soybean market was quiet as Chinese buyers were on the sidelines and waiting for clarity on the US presidential election.
The Coronavirus is starting to spread once again as there is massive panic about governments forcing more economic lockdowns. These lockdowns have raised concerns over the outlook for fuel consumption so that is the main reason funds have sold off across the board over the last couple of days as there is a lot of uncertainty.
In Brazil the country’s main soybean producing region Mato Grosso has planted 54% soybeans for the week ending 30th October2020 up nearly 25% from last week.
Today soybean prices traded weak in the domestic markets in India. Soybeans arrival are reported around 47,000-50,000 metric tons in the domestic markets. In the future exchange soybean prices traded weak with weakness in MDEX & traded low by 1.69 % and today it closed at INR 42,160 against yesterday close of INR 42,630.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 41,500-43,000 | |
| Maharashtra | 41,000-43,000 | |
| Rajasthan | 41,750-42,500 | |
| Rest India | 42,250- 43,250 | |
| As per moisture condition | *+GST 5% |
Market Prices :
The soybean meal prices opened weak by INR300-500 PMT in the domestic markets . The soybean meal prices range INR 32,300-35,500+ GST across India. Reseller are quoting soybean meal prices lower by INR 200-500 PMT. But in second half some of the processors have reduce the prices by INR 300-500 PMT. Soybean meal demand remains weak from end users as they are expecting more corrections in the meal prices in coming days.
The Sunflower meal pellet prices opened firm & the importers are quoting the prices in range INR 26,000- 27,000 +GST PMT ex Tuticorin port . Whereas resellers are quoting prices INR26,000-26,100 +GST PMT.
The rapeseed meal prices remain firm in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 32,300-34,200 |
| Maharashtra | 33,000-35,500 |
| Rajasthan | 33,300-34,000 |
| Karnataka | 34,000-34,700 |
| *+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) | 480 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 21,500-22,000 | 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 | 26,000-27,000 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | NQ | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 20,300-21,000 |
| Madhya Pradesh | 20,500-21,000 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 20,700-20,800+GST5% |
| Kandla-FAS (in USD/PMT) | 288 |