Soybean Meal August 08 Prices

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

29th Aug - US$ 483-490

27th Aug - US$ 480-487
Soybean meal after dropping few points moved up once again despite depriciation of Indian rupee where it could have been expected to show the drop.

25th Aug - US$ 478-483

22nd Aug - US$ 482-488
The soybean meal market is almost same. The Sep futures on Cbot were up to 357.7 while Oct at 355.3. Argentina and Brazil are offering in the range of US$ 345-355 Fob. But the high freight rates and transit time makes it less competitive for Asian countries who thus prefer to buy from India.

20th Aug - The soybean meal rates were same at 481-487. Right now Indian soymeal is not mirroring Cbot movement which closed down at 345.8. The futures price for Dec delivery on Cbot is for $347.5 whereas the meal from India of new crop for Nov-Dec shipment is getting offered at approx. 10% discount from present spot market.

19th Aug - US$ 481-487
The prices of soybean meal once again dropped down in India though Cbot movement was highly positive mainly due to Argentine situation.

14th Aug - US$ 486-492
The prices of Cbot were up after getting crashed down last week but Indian soybean meal stayed stable when in other markets it crashed. So the prices have not rose to the extent it were up again on Cbot. Asian demand right now is playing the major role as price determining factor for sbm from India.

12 Aug - US$ 485-490
The good demand for Indian soybean meal from Asian countries has helped it to keep the prices at this level. The prices on Cbot have shown tremendous crash for last few days mainly due to expectation of good crop in India. Asian countries prefer to buy from India due to lower freight rates and lesser transit time.

8th August - US$ 483-487

5th August - US$ 481-485
The price movement of soybean meal was negative mainly due to good monsoons in soybean producing areas, lowering of crude prices and tremendous drop on Cbot and Dalian exchanges.

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