The soybean prices again opened positive in India in the future exchange. Yesterday soybean in CBOT recover with the expectations of worsening crop conditions reported last week due to dry weather conditions. But later on the prices soften by the forecasts for rains letter this week. The soybean crop conditions are expected to decline by 2% points from the previous week to 70%. The soybean oil recovered in CBOT due to petro support and weaker US currency despite weak MDEX.
In India the soybean prices recovered by low arrivals in domestic markets due to rains in soybean grown areas by INR 300-500 PMT. The soybean is trading at INR 38,440 against Friday closed at INR 38,060 and today prices traded high up by 1.90% in the future exchange. Some of the plants have gone for maintenance and some have low stocks which is keeping the oil & meal prices firm.
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 | 38,000-39,000 | |
| Maharashtra | 38,000-39,250 | |
| Rajasthan | 38,000-39,000 | |
| Rest India | 38,000-39,000 | |
| As per moisture condition | *+GST 5% |
Market Prices:
Most of the processors have increased the soybean meal prices by INR 300-500 PMT. Some of the processors have increase the price of soybean meal by INR 100-200 PMT in SH due to low Soybean arrivals, less stock with processors & also some processors have kept the plants under maintenance. The soybean meal prices range INR 30,000-33,000+ GST across India.
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 same as yesterday. The Sunflower meal pellet prices quoted by importers are in range INR 22,800- 24,000 PMT + GST ex Tuticorin port & INR 22,800-23,300 ex Vizag port. The firm demand from buyers in range INR 22,700-800 PMT but importers stick to their prices.
The rapeseed meal prices are firm and same as yesterday in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 30,000-32,000 |
| Maharashtra | 30,800-33,000 |
| Rajasthan | 31,500-32,000 |
| Karnataka | 32,000-32,600 |
| *+GST 5% | Moral condition |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, south Rajasthan, some parts of Gujarat & TN .
Light to moderate rains observed at Sikkim, north east India, Bihar, Jharkhand, some parts of UP, Uttarakhand, east Rajasthan, MP, Chhattisgarh, some parts of Maharashtra, Odisha & interior Karnataka.
A cyclonic circulation is seen over south Rajasthan and north east India.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Sikkim, some parts of Bihar, Jharkhand, south Rajasthan, north east MP, Chhattisgarh, kutch areas of Gujarat & Odisha.
Light to moderate rainfall may be expected over northeast India, UP, Uttarakhand, north India, east Rajasthan, rest areas of MP, some parts of Maharashtra, Telangana, AP, Rayalaseema & some parts of TN.