Soybean opened weak in India in the future exchange taking cues from MDEX. Yesterday in CBOT, the soybean traded strongly after a three-day weekend in the US. USDA announced two large new crop bean export sales to China, the first was for 400,000 MT and the other was for 264,000 MT reporting the period of delivery to China 2020-21. Again soybean settles higher on China’s buying support. The weekly crop progress report showed 20% of new crop soybeans were dropping leaves as compared to the five-year avg. of 16%. USDA further lower the new crop soybean rating to 65% good/excellent which means the risk of lower yield. Funds are still bullish for soybeans and expecting soybean to trade higher in CBOT due to China continues buying and also with the expectation that the USDA may lower new crop soybeans yield and increased more export number of soybeans.
In India, the soybean prices traded weak by INR 250-500 PMT in the domestic markets. In MP states new crop soybeans arrivals reported around 800-1000 MT with moisture condition 14%-25%. The soybean is trading at INR 38,240 against yesterday closed at INR 37,960 and today soybean prices traded low by 1.16% in the future exchange. Later in SH the soybean market recovered and traded high by 1.16% and closed +ve.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 37,750-38,500 | |
| Maharashtra | 37,500-39,250 | |
| Rajasthan | 38,000-38,750 | |
| Rest India | 37,750- 38,750 | |
| 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 200-300 PMT. The soybean meal prices range INR 30,500-33,500+ GST across India. Some processors are quoting SBM for 20th Sept onwards delivery in price range INR 29700-30,000 in MP states with the new crop arrivals of soybeans in the domestic markets.
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 INR23,700-23,900 +GST PMT. The firm demand from buyers are in range INR 23,000-500 PMT.
The rapeseed meal prices opened weak by 200-500 PMT in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 30,500-32,200 |
| Maharashtra | 31,500-33,500 |
| Rajasthan | 32,000-32,500 |
| Karnataka | 31,200-32,300 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 32,500+GST |
| Kandla-FAS (in USD/PMT) | 453 |
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 16,800-17,600 |
| Madhya Pradesh | 17,400-17,800 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 17,400-17,500+GST5% |
| Kandla-FAS (in USD/PMT) | 248 |