Soybean September Prices

(Indicative Commodity Prices in US$ PMT FOB port, India)

15th Sep - Seed - US$ 635-660

The prices of soybean went down mainly due to the depriciating rupee. The new crop is due and the Oct futures for it is more than 20% down than the present market. The soybean oil ref for local produce at Indore market is quoted for usd 1245-55 , at Nagpur for 1290-1300 while in mumbai the imported one is available at 1220-1230 level. The soybean oil prices has slipped with new crop due and also due to the decline in prices of palm oil in international market.

8th Sept - The refined soybean oil (imported) in the wholesale market of Mumbai was at US$ 1290-1300 while the locally produced were offered at Indore for US$ 1335-45 while at Nagpur for 1400-10. The oil market has shown the decline with new crop of soybean nearby.

4th Sep - US$ 650-670

The slide was mainly due to weaker rupee. Soybean Sep and Oct futures were up by approx. 0.4% and 0.8% respectively.

2nd Sept. - US$ 655-675

Though the local prices were up, the weaker rupee kept soybean on the same level for export. The futures prices for Sept. were up by around 3% during the period mainly on the back of good demand for crushing to supply soymeal to overseas markets. The new crop of soybean shall start coming to markets from next month onwards.