Soybean prices recovered & opened +ve in the future exchange taking cues from International market. Still oils prices and Rapeseed are supporting the soybean in physical and in the future exchange. In yesterday CBOT, the soybean prices after falling earlier in the day session rebound briefly on bullish new crop export sales figure for 2020-21. The soybean price for US & Argentinian origin on a FOB basis were largely flat. The soybean appears to remains firm taking cues from MDEX and south American short supply.
In India the soybean prices recover by INR200-300 PMT in the domestic markets due to ongoing oil demand. The soybean is trading at INR 37,860 against yesterday closed at INR 37,780 and today traded high by 0.58% in the future exchange. At JNPT the African soybean prices are in range INR36,900-37,000+ GST PMT.
In India the demand of meat & poultry products are still weak due to ongoing Shravan festival. Higher carry over stock of soybean and increased sowing weigh on the soybean prices.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 36,750-37,500 | |
| Maharashtra | 37,500-39,000 | |
| Rajasthan | 37,000-37,750 | |
| Rest India | 37,750-38,750 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Today soybean meal prices opened flat to positive and some processors have raise the meal prices by INR 100-200 PMT. Soybean meal prices range INR 28,500-32,500+ GST across India. Today soybean meal buying is dull and the end users are waiting for the prices correction due to good sowing of new oilseeds crop.
Meal demand is still very poor 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 ongoing shravan festival & the prospects of bumper sowing of soybean this season due to timely good rains & huge carry over weigh on soybean as well as meal.
No change in the sunflower meal prices. The Sunflower meal pellet prices quoted by importers are in range INR 22,500- 23,000 PMT + GST ex Tuticorin & Vizag ports. The resellers are quoting in price range INR 22,200-22,300 PMT +GST at Tuticorin and INR 22,400 PMT+GST Vizag port respectively. A vessel MV Team Samba carrying Argentina sunflower meal pellets is expected to arrive tomorrow morning at Vizag port and she is carrying 26,931 MT
The rapeseed meal prices also recovered by INR 200-300 PMT in domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 28,500-30,100 |
| Maharashtra | 29,800-31,700 |
| Rajasthan | 29,500-30,000 |
| Karnataka | 31,900-32,500 |
| *+GST 5% | Moral condition |
Weather
In the last 24 hours, moderate to heavy rainfall observed at Jharkhand, north east UP, Uttarakhand, Haryana, Chhattisgarh, Marathwada, Odisha, costal Karnataka& Kerala
Light to moderate rains observed at WB, Sikkim, north east India, east Bihar, North India, south west & south MP, east Rajasthan, Gujarat, madhya Maharashtra, AP, Telangana, & interior TN .
A cyclonic circulation is seen over Bay of Bengal, coasts of south AP & coasts of north TN.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, some parts of Assam, north east UP & costal Karnataka.
Light to moderate rainfall may be expected over Uttarakhand, Jharkhand, west UP, North India, some parts of MP, Chhattisgarh, north east Rajasthan, Gujarat, interior Maharashtra, Telangana, AP, Odisha, interior Karnataka, some parts of TN & Kerala