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Spot Soybean Steady Amid Matching Supply & Demand

7 Dec 2017 4:03 pm
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MUMBAI(Commoditiescontrol) –

Soybean:

Soybean price in the benchmark Indore market ruled steady at Rs 2,860- 3,060 amid matching supply and demand.

Soybean arrival in the country increased to 4.20 lakh bags against 3 lakh bags (approx 90kg each) on previous session, according to trade sources.

Millers are procuring soybean in bulk quantities as the sales of soymeal in international market is likely to improve in coming months as Indian soymeal has become competitive in international market. Thereby, they are adding stock of soybean in their inventory to meet the crushing requirement.

Soybean for plant delivery in Madhya Pradesh traded at Rs 2,940-3,050/100kg, unchanged on previous session. Likewise, plant delivery soybean was priced higher at Rs 3,020-3,160/100kg firm on previous session in Maharashtra.

On derivatives, the benchmark January soybean seed was up by Rs 23 or 0.74% at Rs 3,142/100kg on the National Commodity & Derivatives Exchange Ltd(NCDEX).

Soymeal:

Soymeal price at the benchmark Indore market gained by Rs 300 to trade at Rs 23,300 per tonne amid improved demand in domestic as well as international market.

Domestic demand of soy meal is gradually increasing as the consumption of chicken is higher during winter season and on the other hand, international demand of Soymeal is increasing as Indian government increased MEIS on soymeal from 5% to 7%. This step will make Indian oilmeal more competitive in the world market and may result in the larger export of oilmeals during current year.

Indian soymeal is tentatively priced at $393 per tonne CIF Rotterdam vs $395 Argentina CIF Rotterdam (December) as on December 7, 2017.

India Soybean Meal is now in parity of $2/MT in international market compared to Argentine soymeal which is likely to boost soymeal exports in coming months.

India has shipped 2,07,630 tonnes of soybean meal in November 2017 compared to 97,750 in November 2016. Soybean meal exports during April to November 2017 have jumped to 7,68,981 tonnes compared with 2,04,860 same time of the last year, as per data compiled from Solvent Extractors Association of India(SEA).

Further, SEA has estimated India Soymeal Export to bolster by around 2 mln tn, from the previous estimate of 1.5 mln tn for the year 2017-18 (Oct-Sep).

Soy oil:

Spot refined soy oil at the benchmark Indore market declined by Rs 5 to trade at Rs 720/10kg amid poor demand.

As per traders ,retail demand is very weak which has weighed on soy oil market so most of the wholesale traders are staying away from bulk purchases.

Further, the stock at ports and in pipelines is sufficient to meet the near term demand. India’s monthly demand of soy oil approximately is around 3 lakh tonnes whereas stock is around 3.40.

Moreover, cotton oil is cheaper by Rs 25-30/10kg as compare to soy oil. Due to that, most of the soy oil demand is shifting to cotton oil, weighing on soy oil prices.

As far as import of soy oil is concerned, it is likely to decline as CIF soy oil has been trading at premium of $3 at $808 compared to sunflower oil.

In today’s futures market, refined soy oil prices in most active January contract was trading lower by 0.68% at Rs 728/10kg on NCDEX.

(By Commoditiescontrol Bureau; +91-22- 40015516)


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