In India the soybean prices opened +ve taking cues from MDEX & CBOT. In yesterday report the USDA has again increased corn yields to 181.8 bpa and soybeans to 53.3 bpa. As per USDA report the US new corn crop is the largest in the history & soybean crop the second highest.
The corn was close to the estimates but soybean was a bearish beat. The global oilseed supply and demand forecasts for 2020-21 include higher production, higher use, and lower ending stocks.
The USDA has again raised U.S. soybean inventories in August report at 610 million bushels. Due to favorable weather in key US soybean producing states, the market was anticipating a higher production and stock revision by USDA but numbers came out much more bearish than market expectation .
But the continuous China buying for U.S. soybean and depleting stocks in Brazil is supporting the soybean prices and in yesterday CBOT the soybean oil prices also recovered on USDA forecast of higher exports for current year.
The soybean opened & traded +ve in FH but later in SH trading weak. Soybean is trading at INR 37,180 against yesterday closed at INR 37,300 and today traded high by 0.91% & low by0.48% in the future exchange .
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 28,800-32,200+ 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 flat & firm today. The Sunflower meal pellet prices quoted by importers are in range INR 22,500- 23,500 PMT + GST ex Tuticorin port & INR 22,500-23,000 ex Vizag port. The resellers are quoting in the price range INR 22,500 PMT +GST at Tuticorin and Vizag ports respectively.
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 | 30,000-32,000 |
| 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) | 32,000+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.