Today soybean opened positive taking cues from MDEX but later traded weak in India in the future exchange. Though in MDEX oil traded and closed +ve. Yesterday CBOT remained close due to US labour day holiday. The soybean complex in CBOT continues to trade up as near term fundamentals are supportive and funds are long in soybeans. The hot and dry weather conditions persist in the Midwestern US coupled with the fact that China has come back into the U.S market and continuously buying soybeans and also the Brazil may have a US buying package.
In India the soybean prices traded weak by INR 500-750 PMT in the domestic markets. The soybean is trading at INR 38,040 against yesterday closed at INR 38,240 and today soybean prices traded low by 0.84%% in the future exchange. In morning session the soybean opened & traded high by 0.89% taking cues from MDEX.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 38,000-39,000 | |
| Maharashtra | 38,000-39,500 | |
| Rajasthan | 38,250-39,250 | |
| Rest India | 38,000- 39,000 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices also weakened by INR 300-500 PMT. The reseller are quoting soybean meal prices lower by INR 300-500 PMT. The soybean meal prices range INR 30,500-33,500+ 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 open firm. The Sunflower meal pellet prices quoted by importers are in range INR 24,500- 25,000 +GST PMT ex Tuticorin port & INR 24,000-24,800+GST PMT ex Vizag port. Resellers are quoting INR23,900-24,000 +GST PMT. The firm demand from buyers are in range INR 23,700-900 PMT.
The rapeseed meal prices opened firm in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 30,500-32,700 |
| Maharashtra | 32,600-33,500 |
| Rajasthan | 32,500-33,000 |
| Karnataka | 32,000-33,000 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 33,000+GST |
| Kandla-FAS (in USD/PMT) | 460 |
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,200-17,800 |
| Madhya Pradesh | 17,600-18,000 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 17,500-17,600+GST5% |
| Kandla-FAS (in USD/PMT) | 250 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Sikkim, Assam, Uttarakhand, east Rajasthan, Chhattisgarh, Maharashtra, AP & Kerala.
Light to moderate rains observed at some areas of Bihar, Jharkhand, UP, Punjab, Haryana, some areas of MP & Odisha .
A cyclonic circulation is seen over Bay of Bengal, costal AP, UP & north west Rajasthan.
Within next 24 hours moderate to heavy rainfall may be expected over northeast India WB, Sikkim, AP, Assam, Bihar, Jharkhand, UP, east Rajasthan, some area of MP, some area of Chhattisgarh, central Maharashtra, Marathwada, Telangana, AP, Rayalaseema, costal Odisha, interior Karnataka, some areas of TN & Kerala.
Light to moderate rainfall may be expected over Uttarakhand, north India, some other areas of Rajasthan, some areas of Gujarat & Vidharbha.