Today soybean opened weak today in India in the future exchange due to weak oil. In MDEX also oil prices traded weak. In yesterday CBOT, soybean market moved up as China buying picked up. The soybean prices rose to higher level basis with further sales to China.
The China state owned Companies bought at 8-10 bulk cargo shipments of U.S. soybeans for shipment in October to January. Yesterday USDA made confirmation of fresh sales of soybean to the tune of 450,000 metric ton with a daily export announcement of 318,000 metric ton to unknown destinations and 132,000 metric ton to China. The China buyers are still looking for further purchases of soybean. Traders are also awaiting the USDA’s weekly export sales report for more details on recent overseas demand. The soybean traded firm due to strong demand from China and also concern about a possible downgrade to US yields due to weather problem. The USDA will update its US harvest forecasts in a monthly supply and demand report on 11th Sept. 2020.
In India the soybean prices opened weak with weak oil prices in future exchange and in the domestic markets soybean price opened flat due weak arrivals in the domestic markets. The soybean is trading at INR 38,900 against yesterday closed at INR 39,200 and today soybean prices traded low by 1.43% in the future exchange.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 39,250-40,000 | |
| Maharashtra | 38,500-40,500 | |
| Rajasthan | 39,500-40,500 | |
| Rest India | 39,250- 40,000 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices opened flat. The reseller are quoting soybean meal prices lower by INR 200-300 PMT. The soybean meal prices range INR 31,000-34,800+ 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 weak by INR 500 PMT. The Sunflower meal pellet prices quoted by importers are in range INR 24,500- 25,000 PMT +GST ex Tuticorin port & INR 24,000-24,800 ex Vizag port. The firm demand from buyers are in range INR 24,000-200 PMT.
The rapeseed meal prices opened firm in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 31,000-33,700 |
| Maharashtra | 32,600-34,800 |
| Rajasthan | 33,900-34,200 |
| Karnataka | 33,000-33,800 |
| *+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) | NQ |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | 19,000-19,300 | 26% |
| Karnataka | 21,000-21,500 | 32% |
| *+GST 5% | Moral condition | |
| Sunflower Meal Ex- Tuticorin & Vizag Ports | ||
| Port | Meal Price PMT | Min Protein |
| Ukraine Origin -Pellets(in INR/PMT) Tuticorin | 24,500-25,000 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | 24,000-24,800 | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 17,500-18,000 |
| Madhya Pradesh | 17,700-18,000 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 17,700-17,800+GST5% |
| Kandla-FAS (in USD/PMT) | NQ |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, Rajasthan, Odisha, TN & Kerala.
Light to moderate rains observed at some areas of Bihar, some areas of UP, Punjab, Haryana, MP, Chhattisgarh & Odisha.
A cyclonic circulation is seen over Rajasthan, MP, Chhattisgarh, costal TN & Kerala.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, AP, Assam, Uttarakhand, east Rajasthan, east MP, some areas pf Chhattisgarh, central Maharashtra, Telangana, Karnataka, TN & Kerala.
Light to moderate rainfall may be expected over Bihar, Jharkhand, UP, north India, Vidharbha, Marathwada & costal A .