In India soybeans market opened positive taking cues from CBOT and also it is raining in central India in soybean grown belts which are delaying the new crop arrivals. Yesterday the soybean prices stabilised in CBOT during trade after a start to the week that recorded sharp rallies and a large sell-off amid reports that the China buyers snapped up another nine cargoes on Monday. Soybean prices are recovering from Monday selling in the CBOT but still have a ways to go. USDA announced another sizable export sales 266,000 metric tons of soybeans to private buyer at China and another 264,000 metric tons of soybeans for unknown destinations. The China buyers were actively sourcing new volume for December- January. Purchases are anticipated to remain strong until the Golden Week holidays over Oct. 1-8. The soybeans basis remains supported by the strong demand and limited capacity from the significant sales commitments.
Overnight reports on the crop conditions offered little to the bulls in the market with the crop rated at 63% good or excellent, unchanged over the week, and still 10 points ahead of the same stage last year. And more bearish news came in the form of a report from the statistics agency of Mato Grosso (the biggest bean-producing state in Brazil) which confirmed that rains this week should kickstart planting there despite soil moisture being historically low. Soybean meal basis levels for nearby loadings remain supported in Argentina & Brazil. In Cbot also soybean meal continues to surge due to Argentina crush low on very poor soybeans delivery to plants . The Aug month crush slide 9.50% vs July and 20% down vs last year as many plants sitting idle.
Today soybean opened positive & soybean prices recovered by INR 250-500 PMT in domestic markets and in the future exchange soybean traded up by 1.13% and closed near high at INR 40,030 against yesterday closed at INR 39,860.
Raining observed in central India in soybean grown belts, which are delaying the new soybeans arrival and also affecting the quality of present crop.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 39,000-40,000 | |
| Maharashtra | 38,750-41,000 | |
| Rajasthan | 38,750-40,000 | |
| Rest India | 39,000- 40,000 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices opened flat and some processors increased the price by INR 100-300 PMT. The soybean meal prices range INR 30,500-34,500+ GST across India. Resellers are prices lower by INR 200-300 PMT.
Importers are quoting the Sunflower meal prices firm .The Sunflower meal pellet prices quoted by importers are in range INR 24,500- 25,400 +GST PMT ex Tuticorin port & INR 24,500-25,200+GST PMT ex Vizag port. Whereas resellers are quoting prices INR23,800-24,000 +GST PMT.
The rapeseed meal prices opened flat in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 30,500-32,700 |
| Maharashtra | 31,300-34,500 |
| Rajasthan | 32,500-33,000 |
| Karnataka | 32,000-33,000 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 33,000+GST |
| Kandla-FAS (in USD/PMT) | 460 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 18,500-18,700 | 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 | 24,500-25,400 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 24,500-25,200 | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,400-18,200 |
| Madhya Pradesh | 17,400-17,800 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 17,700-17,800+GST5% |
| Kandla-FAS (in USD/PMT) | 252 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Sikkim, Assam, AP, north east Bihar, south Gujarat, MP, Chhattisgarh, Vidharbha & Marathwada
Light to moderate rains observed at some areas of north east India, other areas of Bihar, Jharkhand, UP, Uttarakhand, Punjab, Haryana, AP, Rayalaseema, interior Karnataka & TN.
A cyclonic circulation is seen over northwest Rajasthan and adjoining areas of Punjab. The low pressure area is being observed at east MP.
Within next 24 hours moderate to heavy rainfall may be expected over northeast India, WB, Sikkim, Assam, Bihar, central UP, south Gujarat, north & central MP, Vidharbha & Marathwada.
Light to moderate rainfall may be expected over north west UP, Uttarakhand, Haryana, Punjab, Rajasthan, Gujarat, Chhattisgarh, Vidharbha, interior Maharashtra, AP, Telangana, interior & costal Karnataka, TN & Kerala.
Excess rainfalls in the soybean grown areas are not good for the present crop.