Soybean prices recovered in India taking cues from the edible oils prices and the International markets.

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