In India the soybean prices opened flat to -ve. Though rapeseed remains firm to +ve in future exchange due to firm demand, whereas soybean traded weak due to weak demand of meal and prospects of good new crop.
In yesterday CBOT, the soybean & soymeal traded higher, the market is pushed by China continuous buying of US soybean & the weather models for the Midwest showed a drier spell until the end of August, throwing day before yesterday’s Wasde production projections into doubt. The China bought 197,000 metric ton of new crop soybean, and 202,000 metric ton were sold to unknown by US exporters. From the weekly Export Sales report 570,100 metric ton of old crop soybean were booked. China purchased 73.8% of the total on the week. New crop purchases were also above expectations with 2.84 million metric ton. China booked 1.71 million metric ton and 872,500 metric ton were sold to unknown.But the continuous China buying for U.S. soybean and depleting stocks in Brazil is supporting the soybean prices and due to soybean high shortage the Brazil Govt lowers Bio diesel blend mandates for Sep Oct on soybean oil high shortage.
The soybean prices opened flat initially. Soybean is trading at INR 37,100 against yesterday closed at INR 37,280 and today traded low by1.50 % in the future exchange but recovered at time of closing and closed weak by around 0.21%.
In India the demand of meat & poultry products are still weak. Higher carry over stock of soybean and increased sowing weigh on the soybean prices.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 37,250-38,000 | |
| Maharashtra | 37,750-38,750 | |
| Rajasthan | 37,000-37,500 | |
| Rest India | 37,250-38,000 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Soybean meal prices opened flat today. Soybean meal prices range INR 28,800-32,000+ GST across India. The reseller are quoting soybean meal cheaper for some of the processors material by INR 300-400 PMT.
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.
The meal demand also remains weak due to the prospects of bumper sowing of soybean this season due to timely good rains & huge carry over weigh on soybean as well as meal.
Sunflower meal prices open firm again today. The Sunflower meal pellet prices quoted by importers are in range INR 22,500- 23,600 PMT + GST ex Tuticorin port & INR 22,500-23,300 ex Vizag port.
The rapeseed meal prices also remain flat in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 28,800-30,300 |
| Maharashtra | 29,800-32,000 |
| Rajasthan | 30,500-30,700 |
| Karnataka | 31,400-31,800 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 31,900+GST |
| Kandla-FAS (in USD/PMT) | 415 |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Sikkim, UP, Haryana, Punjab, MP, Chhattisgarh, south east Rajasthan, south Gujarat &Telangana.
Light to moderate rains observed at Bihar, Jharkhand, Uttarakhand, some area of Gujarat, central Maharashtra, AP, costal Karnataka & TN.
A cyclonic circulation is seen over bay of Bengal and also over south Rajasthan.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, UP, Uttarakhand, north India, east Rajasthan, Gujarat, MP, Chhattisgarh, Maharashtra, Telangana, AP & Odisha
Light to moderate rainfall may be expected over Bihar, Jharkhand, interior & costal Karnataka, some parts of TN & Kerala.