In India soybean prices opened weak today due to weakness in edible oils and weak demand in meal. Last Friday in CBOT, the soybean traded weak due to profit taking and improved weather conditions in SA after recent rainfalls which have improved the crop prospects. Dry conditions in SA have fueled fears that a disappointing soybean harvest would strain international supplies after China have already swept up much of the new crop US soybean.
Today soybean prices opened almost flat in the domestic markets and some processors have reduce the prices by INR250-500 PMT in the morning. All India soybeans arrival are reported around 35,000-36,000 metric tons in the domestic markets. In the future exchange soybean prices opened weak and traded low by 2.65% & at closed weak at INR 42,620 against Friday close of INR 43,780.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 43,750-44,500 | |
| Maharashtra | 43,250-44,500 | |
| Rajasthan | 43,750-44,500 | |
| Rest India | 43,750- 44,750 | |
| As per moisture condition | *+GST 5% |
Indian Rapeseed (Mustard )Crop Sowing Progress:
India winter crop sowing is going with good speed and on 4th Dec.2020, the GOI release the sowing updates and as per the information the total area planted under rabi crops is 43.059 million hectares vs 41.441 million hectares planted in the corresponding week last year and it is up by 3.91% on year. In the Rapeseed the area planted so far is 6.182 million hectares vs 5.741 million hectares planted in the corresponding week last year and it is up by 7.68% on year. The rise in area is primarily due to favourable weather and higher returns. The MSP fixed by GOI for rapeseed for the year 2020-21 is INR46,500/ PMT vs last year at INR 44,250/ PMT. This year an increase in the area of pulses & oil seeds has pushed up rabi planting.
| Area in Million Hectare | |||
| Rapeseed Sowing | As on 4th Dec. 2020 | Change | |
| State | 2020-2021 | 2019-2020 | in % |
| Rajasthan | 2.426 | 2.276 | 6.59 |
| MP | 0.7 | 0.635 | 10.24 |
| UP | 1.205 | 1.183 | 1.86 |
| Haryana | 0.598 | 0.545 | 9.72 |
| Assam | 0.185 | 0.193 | -4.15 |
| Gujarat | 0.1972 | 0.1623 | 21.50 |
| West Bengal | 0.32 | 0.315 | 1.59 |
| Jharkhand | 0.1995 | 0.0779 | 156.10 |
| Others | 0.3513 | 0.3538 | -0.71 |
| Total | 6.182 | 5.741 | 7.68 |
Market Prices :
The soybean meal prices opened weak in the domestic markets due to weak demand of meal. The soybean meal prices range INR 32,000-35,300+ GST across India. Reseller are quoting soybean meal prices lower by INR 300-700 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 27,800-28,000 +GST PMT.
The rapeseed meal prices open weak by INR 200-300 PMT in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 32,000-33,900 |
| Maharashtra | 33,500-35,000 |
| Rajasthan | 33,000-33,800 |
| Karnataka | 34,300-35,300 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 35,200 -35,300+GST |
| Kandla-FAS (in USD/PMT) | 489 |
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 | 28,200-28,500 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 27,000-27,500 | 32%-34% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 20,000-20,500 |
| Madhya Pradesh | 19,900-20,300 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 20,500-20,700+GST5% |
| Kandla-FAS (in USD/PMT) | 290 |