The Indian agriculture ministry on 26th June released the sowing progress report for this kharif season and according to them the area under oilseeds increased to 8.331 million hectare which is more than five times than 1.332 million hectare covered in the same week in the previous season. In Soybean the farmers have sowed 6.326 million hectare which is 23 fold increase in area vs 0.266 million hectare planted in the same week in the previous season. Also the area under groundnut sowing doubled to 1.845 million hectare vs 0.981 million hectare as compared the same week last season. This season highest increase was recorded in oils seeds because of the timely widespread rains in the oilseeds grown states.
Today soybean opened in -ve node in the future exchange taking cues from MDEX and favorable weather & increased sowing reports of oilseeds across the country. The soybean traded low by 1.71% against Friday closed of INR 37,340. Oil prices also further weakened and weak demand of meal also weigh on soybeans.
World soybean stock seen more burdensome next season. The U.S. Department of Agriculture (USDA) will on Tuesday issue its latest U.S. acreage and quarterly grain stocks reports. Analysts expect the USDA reports to show plentiful supplies of grain and a modest shift in U.S. plantings from corn to soybeans. Forecasters expect favourable rains across the heart of the U.S. Midwest farm belt through early next week, which would limit the stress on crops when above-normal temperatures move into the region around midweek.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 36,500-37,000 | |
| Maharashtra | 37,100-39,000 | |
| Rajasthan | 36,000-37,000 | |
| Rest India | 38,000-38,500 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Soybean meal prices opened weak today due to -ve tone at future exchange.
The processor as well as reseller started quoting down by INR 200-500 PMT.
Today soybean meal prices range INR 29,000-32,800+ GST across India.
For some plants material, the reseller are quoting as low as INR 28,300 PMT+ GST in MP and INR 29,600 +GST in Maharashtra.
Feed Mfgs/Poultry farmers are buying soybean meal as per their requirements, even though the poultries/feed mfgs have a limited stocks in their hand.
The Sunflower meal pellet prices quoted by importers are in range INR 23,000- 23,500 PMT + GST ex Tuticorin & ex Vizag ports. The resellers are quoting in price range INR 22,500-22,800 PMT +GST at Tuticorin and Vizag port respectively.