Taking cues from yesterday USDA report the India Soybean prices and MDEX opened firm to positive. Yesterday in CBOT, the soybean traded firm to positive initially and after the USDA report the soybean prices rose 1% and hit their highest in more than four years. The forecast report reflected a decline in US harvest expectations and strong exports to China and other countries and also the end-of-season stockpiles will fall to their smallest in seven years. The Forecast trimmed soybean yield by 1.2 bpa to 50.7, the lower US soybean yield pushed output 98 million bushels lower to 4.170 billion & the end soybean stocks were revised 100 million bushels lower to 190. They also lowered in their forecast the Argentina’s 2020-21 soybean crop to 51 million tons, from 53.5 million tons as per last month forecast, but left its estimate of Brazil’s soybean crop unchanged at 133 million tons.
Funds are overexcited to further China demand in coming days with SA weather events concerning the current La Nina. If hot and dry conditions remains in SA deep into December month then that look out for higher prices in coming days. More chances that the China purchases rises coupled with hot and dry conditions to persist in Brazil and Argentina.
Brazil has seen enough rain to catch up on plantings but concerns about dry weather continue to loom. CONAB estimate for soybean production to134.953 million metric tons for Brazil after raising it 1.28 million on increased acreage.
Today soybean prices moved up by INR 250-500PMT in the domestic markets initially and by INR 750-1,000PMT later in the day. All India soybeans arrival are reported around 48,000-50,000 metric tons in the domestic markets. In the future exchange soybean prices opened firm to positive & later traded high by 2.86 % and closed at INR 44,240 against yesterday close of INR 43,080.
| State | Plant Price (in INR-PMT)* | |
| Madhya Pradesh | 42,750-44,000 | |
| Maharashtra | 42,250-44,250 | |
| Rajasthan | 42,500-43,750 | |
| Rest India | 42,750- 44,000 | |
| As per moisture condition | *+GST 5% |
Market Prices :
The soybean meal prices recovered by INR200-500 PMT initially . But in SH with recovery in MDEX and soybeans prices in future exchanges the soybean meal prices also improved further by INR 500-600 PMT. The soybean meal prices range INR 32,500-35,300+ GST across India. Reseller are quoting soybean meal prices lower by INR 300-400 PMT.
The Sunflower meal pellet prices improved by INR 500-600 PMT & the importers are quoting the prices in range INR 27,000- 27,500 +GST PMT ex Tuticorin port . Whereas resellers are quoting prices INR26,300-26,500 +GST PMT.
The rapeseed meal prices open firm in the domestic markets.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 32,500-35,000 |
| Maharashtra | 33,500-35,300 |
| Rajasthan | 33,700-35,200 |
| Karnataka | 34,200-35,000 |
| *+GST 5% | Moral condition |
| Soybean Meal Ex-Kandla Port | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 36,000 -36,300+GST |
| Kandla-FAS (in USD/PMT) | 497 |
Sunflower Meal:
| Sunflower Meal Domestic Ex- Location | ||
| State | Plant Price (in INR-PMT)* | Min Protein |
| Karnataka | NQ | 26% |
| Karnataka | NQ | 32% |
| *+GST 5% | Moral condition | |
| Sunflower Meal Ex- Tuticorin & Vizag Ports | ||
| Port | Meal Price PMT | Min Protein |
| Ukraine Origin -Pellets(in INR/PMT) Tuticorin | 27,000-27,500 | 35% |
| Ukraine Origin -Pellets(in INR/PMT) Vizag | NQ | 35% |
| *+GST 5% | Moral condition | |
Rapeseed Meal:
| Rapeseed Meal Domestic Ex- Location | |
| State | Plant Price (in INR-PMT)* |
| Rajasthan | 20,300-21,500 |
| Madhya Pradesh | 20,500-21,000 |
| *+GST 5% | Moral condition |
| Rapeseed Meal at Kandla Port Ex- Location | |
| Port | Meal Price PMT |
| Kandla-FOR(in INR/PMT) | 20,700-20,800+GST5% |
| Kandla-FAS (in USD/PMT) | 289 |