Today the soybean prices again opened -ve in India, but rapeseed & soy oil recovered in future exchange despite weakness in CBOT & MDEX. Indonesia remains close today. The soybean was under pressure in CBOT yesterday as funds see US crop much bigger despite dryness in some areas and another reason was due to rising tension between US and China. The Pro Farmer tour is indicating very positive results about new soybean US crop due to high yield numbers coming out of the crop tour. There are some considerations. The weather is important this month especially for soybeans and there has been some dryness. However the soybean yields are currently not reflecting this.
The soybean prices opened weak today by INR 250-500 PMT in domestic market. Soybean is trading at INR 37,820 against yesterday closed at INR 37,880 and today traded low by 0.63 % 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 | 37,500-38,500 | |
| Maharashtra | 37,750-38,750 | |
| Rajasthan | 37,500-38,250 | |
| Rest India | 37,750-38,750 | |
| As per moisture condition | *+GST 5% |
The Soybean Processor Association in India (SOPA) has done the extensive field survey of the soybean crop in the states of MP, Maharashtra & Rajasthan, the two teams covered more than 6000 kms area. They found the crop condition normal. In MP & RAJASTHAN states, the 50% of the soybean areas crop in grain filling stage & in rest the pod formation stage and in Maharashtra state the most of the crop in pod formation stage. The states wise soybeans crop production first advance estimate by SOPA :
| Production in Million Metric Tons | |||
| Soybean | SOPA 1st Advance Production Estimate | Change | |
| State | 2020-2021 | 2019-2020 | in % |
| MP | 5.853 | 4.0107 | 45.93 |
| Maharashtra | 4.5131 | 3.9416 | 14.50 |
| Rajasthan | 1.0577 | 0.656 | 61.23 |
| Telangana | 0.1585 | 0.1508 | 5.11 |
| Karnataka | 0.3229 | 0.2694 | 19.86 |
| Gujarat | 0.1493 | 0.0861 | 73.40 |
| Chhattisgarh | 0.074 | 0.0539 | 37.29 |
| Others | 0.1191 | 0.1377 | -13.51 |
| Total | 12.2475 | 9.3062 | 31.61 |
Market Prices:
Soybean meal prices opened same as yesterday across India. Soybean meal prices range INR 29,800-32,800+ 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 open same as yesterday in the domestic market.
Soybean Meal:
| State | Plant Price (in INR-PMT)* |
| Madhya Pradesh | 29,800-31,200 |
| Maharashtra | 30,300-32,200 |
| Rajasthan | 30,700-31,200 |
| Karnataka | 31,900-32,800 |
| *+GST 5% | Moral condition |
Weather
In the last 24 hours, moderate to heavy rainfall observed at WB, Assam, Jharkhand, Uttarakhand, east-south MP, Gujarat Telangana, Chhattisgarh, costal Odisha, interior & costal Karnataka.
Light to moderate rains observed at Bihar, UP, North India, east Rajasthan, some other part of Maharashtra, costal AP, Rayalaseema, some parts of TN & Kerala.
A cyclonic circulation is seen over south west Rajasthan and IMD also issue red alert for Chhattisgarh, Telangana & Odisha.
Within next 24 hours moderate to heavy rainfall may be expected over WB, Assam, Jharkhand, some parts of Gujarat & MP, Chhattisgarh, Telangana, Odisha & costal Karnataka.
Light to moderate rainfall may be expected over Sikkim, northeast India, Bihar, some areas of UP, Uttarakhand, North India, some parts of Maharashtra, AP, rest of Karnataka, some parts of TN & Kerala.