Soybean prices opened firm initially in India taking cues from International markets but later traded negative due to some profit booking in oils, good soybean arrivals in the domestic markets and weak lifting of soybean meal by end users. Demand for forward month soybean meal were observed from traders but most of the processors are interested for ready month lifting trade. Yesterday in the CBOT the soybean complex again rallied and closed sharply higher due to great support from soybean oil. Soybean prices have touched to new highs after more than four year high and are up over $11/bu. Due to weaker dollar, dry Brazil conditions despite some rains, fund being long, strong Census export data for September and a discrepancy between customs and USDA export data that is expected to slash ending stocks sent soybean contracts to higher. Strong exports are no surprise but the discrepancy in data has raised some questions on supply availability and put some additional focus on the coming Tuesday November WASDE report.
Soybean meal prices were also traded up in the CBOT for the three consecutive session, actually strong demand from China is pushing soybean meal prices higher as soybeans have now crossed the US$11 level.
Today soybean prices opened up by INR 250-300PMT in the domestic markets. All India soybeans arrival are reported around 62,000-63,000 metric tons in the domestic markets. In the future exchange soybean prices opened firm and at high & later traded low by 0.78% and closed at INR 43,130 against yesterday close of INR 43,320.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 42,500-43,750 | |
| Maharashtra | 41,750-44,000 | |
| Rajasthan | 42,250-43,500 | |
| Rest India | 42,750- 43,500 | |
| As per moisture condition | *+GST 5% |
Market Prices :
The soybean meal prices opened flat to firm and some processors have improved the prices by INR100-300 PMT. The soybean meal prices range INR 32,700-35,000+ GST across India. Reseller are quoting soybean meal prices lower by INR 200-400 PMT. Soybean meal demand remains weak from end users as they are expecting some more corrections in the meal prices in the coming days with arrivals to improve with upcoming Deepawali festival.
The Sunflower meal pellet prices opened firm & the importers are quoting the prices in range INR 26,000- 27,000 +GST PMT ex Tuticorin port . Whereas resellers are quoting prices INR26,100-26,200 +GST PMT.
The rapeseed meal prices open firm in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 32,700-34,800 |
| Maharashtra | 33,800-34,500 |
| Rajasthan | 33,500-34,800 |
| Karnataka | 34,200-35,000 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 35,400 -35,600+GST |
| Kandla-FAS (in USD/PMT) | 488 |
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 20,500-21,400 |
| Madhya Pradesh | 20,500-21,200 |
| *+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) | 290 |