The soybean prices opened flat to positive in India in the future exchange after yesterday closed at 3% circuit after one of the associations confirm the crop damage report in MP. The Indian markets also taking the cues from International markets. In yesterday’s CBOT, the soybean futures traded higher for the 3rd consecutive session. In the morning USDA announced a private export sale of 400,000 MT of new crop 2020-21 soybeans to China. Ahead of USDA’s weekly export sales report, the analysts expect seeing 1.2 – 2.2 million metric ton of new crop soybean bookings & the daily export sales data continues to support the sentiment. China is starting to come back into the U.S market which is keeping the prices firm. Another reason of the volatility in soybean is the hot and dry weather conditions in the Midwestern part of the US and the Hurricane “Laura” are drawing concerns as it brings heavy rains along with the wind damage.
In India the soybean prices recovered by INR 500-750 PMT due to crop damage reports in MP states and also taking cues from International markets. The soybean is trading at INR 39,550 against yesterday closed at INR 39,540 and today prices traded high up by 1.77% in the future exchange.
Some of the plants have gone for maintenance and some processors have low stocks which is keeping the oils & meal prices firm.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 39,000-40,050 | |
| Maharashtra | 38,500-40,000 | |
| Rajasthan | 38,750-39,750 | |
| Rest India | 38,750-39,750 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Most of the processors have increased the soybean meal prices by INR 500 -600 PMT after yesterday rally in future exchange due to crop problem in MP state. The soybean meal prices range INR 31,500-34,500+ GST across India.
The meal demand is limited and the 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.
Sunflower meal prices also improve today from INR 500-1000 PMT . The Sunflower meal pellet prices quoted by importers are in range INR 23,500- 24,500 PMT +GST ex Tuticorin port & INR 23,000-23,500 ex Vizag port. The firm demand from buyers are in range INR 23,200-500 PMT but importers stick to their prices.
The rapeseed meal prices are improve by INR 200-300 PMT in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 31,500-33,300 |
| Maharashtra | 32,500-34,500 |
| Rajasthan | 33,000-33,500 |
| Karnataka | 32,500-33,500 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 34,500+GST |
| Kandla-FAS (in USD/PMT) | 455 |