Soybean prices recovered in India taking cues from the edible oils prices and the International markets. Yesterday in CBOT, the soybean traded up due to low ending stocks report and great support of soybean oils. Soybean oil prices rallied yesterday in CBOT primarily taking influence from the palm oil prices and also the Argentina supply problem added the fuel to the fire. This was enough to keep the soybean market alive as soybean meal prices eased from the highs seen on Tuesday. Soybean still appears to remain firm to positive basis Tuesday WASDE report, slow speed of sowing in SA , dryness concern in SA due to La Nina, US soybean season end stock seven years low. One thing is important to note in WASDE report that the drawdown in the end stock came from a reduction in production and not from an increase in demand. Soybean prices still have the potential to move higher basis new demand and the SA weather in coming days. At present the China buying may have slowed down and rains are too scattered and not all that heavy in SA. One can say that the present weather for SA is still not the better for a good start for their crop.
Today soybean prices moved up by INR 500-600 PMT in the domestic markets and some of the domestics markets are closed due to coming Deepawali festival. Soybean arrivals are weak today and all India soybeans arrival are reported around 15,000-18,000 metric tons in the domestic markets. In the future exchange soybean prices opened weak initially and traded up later by 0.88% & at end closed weak at INR 44,120 against yesterday close of INR 44,210.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 43,500-44,500 | |
| Maharashtra | 43,250-44,500 | |
| Rajasthan | 43,500-44,500 | |
| Rest India | 43,250- 44,750 | |
| As per moisture condition | *+GST 5% |
Market Prices :
The soybean meal prices recovered by INR200-300 PMT today with recovery in soybean prices in the domestic markets. The soybean meal prices range INR 32,700-35,500+ GST across India. Reseller are quoting soybean meal prices lower by INR 300-400 PMT.
The Sunflower meal pellet prices improved by INR 600-700PMT by reseller today & the importers are quoting the prices in range INR 27,000- 27,500 +GST PMT ex Tuticorin port . Whereas resellers are quoting prices INR26,700-26,900 +GST PMT.
The rapeseed meal prices open firm in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 32,700-35,300 |
| Maharashtra | 33,700-35,200 |
| Rajasthan | 34,200-35,200 |
| Karnataka | 34,500-35,500 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 36,500 -36,800+GST |
| Kandla-FAS (in USD/PMT) | 502 |
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 | 27,000-27,500 | 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 | 20,400-21,400 |
| Madhya Pradesh | 20,700-21,200 |
| *+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 |