Today soybean opened flat to negative in the future exchange as profit booking observed in MDEX. In CBOT soybean remain firms on account of fresh sales to China and it was not a bad performance for the soybean market considering the newest rift between the US and China continues to sour relations. Overnight the US told China to move out of their consulate in Houston over the next 72 hours. Soybean meal also improved yesterday in CBOT due to support from corn and wheat. But in India the demand of meat & poultry products are weak now a days due to ongoing Shravan festival and thus the meals demand are not picking up. So selling oil meal at higher prices are still a challenge. Also the demand for the oil has slowed down at higher levels and fresh buying is not seen forthcoming.
The soybean is trading at INR 37,640 against yesterday closed at INR 37,720 and today traded high by 0.21% & low by 0.37% in the future exchange. Today processors have also reduce the plants delivered prices of soybean by INR 200-300 PMT in domestic markets.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 36,,750-37,500 | |
| Maharashtra | 37,500-39,000 | |
| Rajasthan | 37,000-37,750 | |
| Rest India | 37,750-38,500 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today again soybean meal prices opened flat. Soybean meal prices range INR 29,000-32,800+ GST across India. For some plants material, the reseller are quoting as low as INR 28,500 PMT+ GST in MP and INR 29,500 +GST in Maharashtra. In second half some of the processors reduce the soybean meal price by INR 300-400 PMT.
Meal demand is 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 22,800- 23,200 PMT + GST ex Tuticorin port & INR 22,500- 23,300 PMT + GST ex Vizag port. The resellers are quoting in price range INR 22,300-22,400 PMT +GST at Tuticorin and Vizag port respectively.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 29,000-30,300 |
| Maharashtra | 30,000-32,200 |
| Rajasthan | 29,400-29,800 |
| Karnataka | 32,000-32,800 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 32,200+GST |
| Kandla-FAS (in USD/PMT) | 418 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, east-south MP, south Gujarat, some parts of Maharashtra, Telangana, Odisha & interior Karnataka.
Light to moderate rains observed at some places at some parts of Bihar, UP, North India, some parts in Rajasthan, Karnataka, interior TN & Kerala.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, Assam, AP, some parts of Bihar, Marathwada & central Maharashtra, costal AP, Telangana, Odisha & north Karnataka.
Light to moderate rainfall may be expected over some parts of UP, Chhattisgarh, some parts of Rajasthan, east and south MP, south Gujarat, costal Karnataka , some parts of TN & Kerala.