In India soybean prices opened weak on Friday again taking cues from the International markets.
In CBOT, before the announcement of WASDE report soybean was trading double digits up and after the reports the soybean closed weak. In the yesterday WASDA report the USDA increase the soybean crush forecast by15 million bushel to 2.195 billion bushel and leaving supply forecasts unchanged that reduced carryout a further 15 million bushel to just 175 million bushel. The global soybean stocks estimate were down 880k metric tons to 85.64 million metric tons and the cut was smaller than trade the estimates. Also they cut Argentina crop by 1 million metric tons to 50 million metric tons and no change was made to the Brazilian crop estimate. The WASDE report proved neutral, actually the numbers came was not as per expectations moreover the bull needs to be fed, so even a neutral report would likely trigger some long liquidation.
USDA weekly export Sales showed 569,000 metric tons of soybean bookings for the week ending 3rd December 2020 and that were up by 39% from the previous week and down by 42% from the prior four week average.
The CONAB on the other hand revised their forecast by 0.5 million metric tons lower to 134.45 million metric tons for Brazilian soybean crop.
Today soybean prices opened weak by INR 250-300 PMT in the domestic markets. All India soybeans arrival have also reduced with decrease in the prices from few days and are reported around 22,000-23,000 metric tons in the domestic markets. In the future exchange soybean prices opened weak and traded low by 1.27% & at closed at INR 42,740 against yesterday close of INR 43,150.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 43,000-43,750 | |
| Maharashtra | 42,750-44,750 | |
| Rajasthan | 43,000-43,750 | |
| Rest India | 43,750- 44,750 | |
| As per moisture condition | *+GST 5% |
Market Prices :
The soybean meal prices opened flat in the domestic market. The soybean meal prices range INR 31,500-34,800+ GST across India. Reseller are quoting soybean meal prices lower by INR 200-300 PMT. The demand from end users remain weak today with weak soybean prices and neutral WASDE report. In the last twenty days the soybean prices have come down by INR 2,500 and soybean meal prices by INR 2,000 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 opened flat today in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 31,500-33,500 |
| Maharashtra | 33,000-34,500 |
| Rajasthan | 32,400-33,500 |
| Karnataka | 33,600-34,800 |
| *+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 | 26,200-26,500 | 32%-34% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 19,500-20,000 |
| Madhya Pradesh | 19,400-19,700 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 20,200-20,300+GST5% |
| Kandla-FAS (in USD/PMT) | 286 |