Soybean opened flat to firm taking cues from CBOT, though soybean meal demand is weak due to ongoing shravan month. The soybean is trading at INR 37,280 against yesterday’s closed of INR 37,220. Arrivals of soybean again slow in domestic markets as farmers may slow sales due to excess rains & damage crop threat. Heavy rains in some of the areas affecting crop growth and if continue may damage the crop in some of the areas.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 36,750-37,250 | |
| Maharashtra | 37,250-39,000 | |
| Rajasthan | 36,500-37,250 | |
| Rest India | 38,000-39,000 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices opened flat though some processors reduce the meal prices by INR 100-200 PMT.
Soybean meal prices range INR 28,800-32,600+ GST across India.
For some plants material, the reseller are quoting as low as INR 28,300 PMT+ GST in MP and INR 29,300 +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 meal demand is weak due to ongoing shravan festival & the prospects of bumper sowing of soybean this season due to timely good rains & huge carry over weigh on soybean as well as meal.
The Sunflower meal pellet prices quoted by importers are in range INR 22,800- 23,500 PMT + GST ex Tuticorin & ex Vizag ports. The resellers are quoting in price range INR 22,400-22,600 PMT +GST at Tuticorin and Vizag port respectively.
Soybean Meal:
| Soybean Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 28,800-30,400 |
| Maharashtra | 29,500-32,500 |
| Rajasthan | 29,200-29,400 |
| Karnataka | 32,000-32,600 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 32,200+GST |
| Kandla-FAS (in USD/PMT) | 418 |
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 15,000-15,400 |
| Madhya Pradesh | 15,000-15,200 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 15,600-15,700+GST5% |
| Kandla-FAS (in USD/PMT) | 210 |
International Market:
In Cbot, yesterday soy complex rallied on hot & dry weather forecast in US in the next couple of weeks & the news of low stock at Malaysia. The fund fears US soybean crop yield may got affected due to hot & dry weather. Ideas are that USDA will show slight deterioration in crop conditions this week. Also soybeans were higher on more Chinese demand and less than expected planted area as shown by USDA. Brazil prices have been creeping higher for the rest of the world as it starts to run out of Soybeans to export. Brazil to finish soybean stocks in December so new season to begin with lowest stock of more than one decade.
Private exporters reported 264,000 MT of new crop soybean sales to China this morning. New crop soybeans were 31% blooming on July 6, that was 17% more wk/wk and 7% above average. Also in the report, 2% of the soybean crop was setting pods, compared to the average of 4% for this date.