In India soybean prices recovered by INR 250-300 PMT across the domestic markets taking cues from MDEX. Yesterday in the cbot the soybean complex traded weak on improving SA weather and speedy US soybean harvest. Another reason of the weakness in the market was the Chinese buyers were on the sidelines and waiting for clarity on the US presidential election. Better than expected loading pace combined with the pull back in demand has lowered basis on Jan-Feb cargoes into China. The trade will be watching the election as well as Brazilian plantings to determine how competitive US origin beans are. The weekly Crop Progress update showed soybean harvest was 87% complete in US, still running 4% ahead of average pace. The export Inspections data showed 2.083 million metric tons of soybeans were shipped on the week ending 29th October 2020 and was down from 2.82 million metric tons last week. About 72% of total soybeans exports were to China & was the top destination.
About 38,000 metric tons US soybeans shipment is under loading for export to Brazil.
Today soybean prices recovered with improvement in the edible oil prices taking cures from MDEX. Soybeans arrival are almost same as yesterday & reported around 46,000-48,000 metric tons in the domestic markets. In the future exchange soybean prices traded firm to positive & traded up by 1.30 % and today it closed at INR 42,620 against yesterday close of INR 42,250 and reach same level as last Friday.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 41,500-43,250 | |
| Maharashtra | 41,250-43,250 | |
| Rajasthan | 42,000-42,750 | |
| Rest India | 42,500- 43,250 | |
| As per moisture condition | *+GST 5% |
Market Prices :
The soybean meal prices opened flat to positive 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 200-300 PMT. Soybean meal demand remains weak from end users as they are expecting some corrections in the meal prices in the 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 | 33,000-34,000 |
| Karnataka | 34,000-34,700 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 35,000 -35,200+GST |
| Kandla-FAS (in USD/PMT) | 480 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 22,000-22,500 | 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 | 20,300-21,200 |
| 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 |