Slack demand pulls down soyabean, oil

Our Correspondent
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Notwithstanding strong global market, soya oil and soyabean traded lower on weak futures and slack buying support. Lack of demand and negative market sentiment caused by the FMC’s move to increase margin on some commodities from August 1 made traders wary, leading to a decline in soya oil in the physical market.

Soya refined in the spot and delivery declined to Rs 735-40 for 10 kg (Rs 738-42). Similarly, soya solvent traded lower at Rs 700-705 for (Rs 703-707) on scattered buying support.

In futures also soya oil traded lower on weak buying support and foreign projections with August contract on the NBOT closing Rs 7.50 lower at Rs 778.30. On the NCDEX, soya oil futures traded lower with its August and October contracts closing at Rs 778 (down Rs 4.40) and Rs 783.20 (down Rs 6.95). Soyabean also traded lower on slack demand even as arrivals remained weak at 20,000 bags.

In mandis acorss Madhya Pradesh, soyabean ruled at Rs 4,450-4,550 a quintal (Rs 4,500-4,600). Similarly, plant deliveries in soyabean also traded lower at Rs 4,550-4,600 (Rs 4,600-4,700) on slack demand from the millers.

In futures also weak foreign projections and slack demand pulled down soyabean with August and October contracts on the NCDEX closing at Rs 4,472 (down Rs 83.50) and Rs 3,982 a quintal (down Rs 85).

Soya DOC also traded lower with its prices in the domestic market on Monday being quoted at Rs 41,500-42,000 a quintal.

In the past one week, soy DOC in the domestic market has declined by Rs 300-500 a quintal.

(This article was published on July 30, 2012)
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