Today soybean again opened -ve in the future exchange taking cues from CBOT, though oil remains firm in MDEX & physical markets. In yesterday CBOT, the soybean was under pressure from bilateral tensions between US & China. Though remained firm taking cues from MDEX and south American short supply.
In India the soybean prices again open flat in domestic markets as demand for meal still weak whereas demand for oil seen improving and prices are firm taking cues from the International markets. The soybean is trading at INR 37,780 against yesterday closed at INR 37,840 and today traded low by 0.42% in the future exchange. At JNPT the African soybean prices are in range INR36,750-37,000+ GST PMT.
In India the demand of meat & poultry products are still weak due to ongoing Shravan festival. Higher carry over stock of soybean and increased sowing weigh on the soybean prices.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 36,500-37,250 | |
| Maharashtra | 37,250-38,500 | |
| Rajasthan | 36,500-37,250 | |
| Rest India | 37,500-38,250 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices opened flat. Soybean meal prices range INR 28,500-32,300+ GST across India. Some processors are quoting cheaper by INR 200-300 PMT in second half but very less business happened. The end users are waiting for the prices correction due to good sowing of new oilseeds crop.
Meal demand is still very poor 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.
The meal demand remains 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 22,500- 23,000 PMT + GST ex Tuticorin & Vizag ports. The resellers are quoting in price range INR 22,200-22,300 PMT +GST at Tuticorin and INR 22,400 PMT+GST Vizag port respectively. The local processed sunflower meal prices have come down in Karnataka with protein 26% min and are available at INR 18,500-18,700+GST ex locations.
The rapeseed meal prices only improved in domestic market due to ongoing export.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 28,500-30,000 |
| Maharashtra | 29,500-31,800 |
| Rajasthan | 29,300-30,000 |
| Karnataka | 31,700-32,300 |
| *+GST 5% | Moral condition |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, AP, UP, Uttarakhand, North India, south & north MP & Kerala
Light to moderate rains observed at Bihar, east-south MP, east Rajasthan, some parts of MP, some parts of Gujarat, Maharashtra, Chhattisgarh, AP, Telangana, Odisha, Karnataka & TN .
A cyclonic circulation is seen over Bay of Bengal, coasts of south AP & coasts of north TN. Also over southwest Rajasthan and adjoining Gujarat.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, Assam, north east India, Bihar, east UP, North India, south west MP, costal Karnataka & Kerala.
Light to moderate rainfall may be expected over Uttarakhand, Jharkhand, some parts of MP, Chhattisgarh, south Gujarat, Maharashtra, Telangana, costal AP, Rayalaseema, Odisha, Karnataka & interior TN