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Slack physical demand and weak global cues dragged soy oil in Indore mandis with soy refined declining to 722-25 (Rs 728-30 last week), while soy solvent ruled at Rs 690-94 (Rs 695-Rs 700 last week). Amid decline in arrival, soybean today ruled firm at Rs 3,050 a quintal, while plant deliveries of soybean today were quoted at Rs 3,000-Rs 3,025..
In futures soybean traded lower on weak global cues and buying with its February and March contracts on the NCEDX today closing at Rs 3,094 a quinal (down Rs 28) and Rs 3,147 (down Rs 27) Soy DOC traded lower at Rs 24,000-Rs 24,200 on weak domestic demand. Given reports of damage to soybean crop in Brazil and weak arrival, bearish sentiment in soybean appears unlikely in the coming days.
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