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Soya oil in Indore mandis traded lower on weak physical demand and global cues with refined soya being quoted at ₹635-40 for 10 kg, while soya solvent ruled at ₹600-605. Compared to last week, soya oil is down ₹5.
Besides sluggish domestic demand, pressure of imported oils has also reined in the uptrend in soya oil. Soyabean ruled flat at ₹4,000 a quintal on weak physical demand and decline in soyameal export. Similarly, plant deliveries of soyabean were quoted lower at ₹4,000 a quintal on slack demand in soya oil from crushers. Soyameal on the spot fetched ₹35,000-36,000 a quintal.
Soyameal exports dip Meanwhile, export of soyameal from the country this year has declined by 75.9 per cent, says a report released by the Soyabean Processors Association of India.
According to SOPA Chairman Davish Jain, export of soybean meal in May was reported at 10,404 tonnes compared with 43,173 tonnes in May 2015, showing a decrease of 75.9 per cent. On a financial year basis, export between April 2015 and May 2016 stood at 22,700 tonnes (89,562 tonnes).
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