Soyabean prices in Indore mandis are on the boil with continuous decline in arrival and strong buying support in soyameal in the domestic market.
In the past one week, soyabean prices have gone up by almost Rs 350 a quintal .
Cashing in on slack arrival, speculators have also added to the bullish sentiment in soya seeds.
On Monday, soyabean in Indore mandis ruled at Rs 3,900-4,000 amid arrival of 40,000 bags in State mandis.
Arrival of soyabean in Indore was at 1,500 bags, while it was 4,500 in Dewas and 2,500 in Ujjain.
Plant deliveries in soyabean in the past one week have also gone up by Rs 350-400.
Plant deliveries of soyabean for Jaipur line were quoted at Rs 4,025-4,100.
On account of non-availability of soyabean stocks, plant operators have been forced to purchase soyabean at the higher rate, said Vinod Agrawal, an Indore-based soyabean broker.
In futures also soyabean traded higher on strong global cues and buying support with its April and May contracts on the NCDEX closing at Rs 4,100 (up Rs 72).
Compared with last week, soyabean April contract on the NCDEX is ruling over Rs 450 higher.
Despite slack buying support in the physical market, soya oil also has also been witnessing bullish trend.
In the past one week, soya oil prices have almost gone up by Rs 25-27 for 10 kg.
On Monday, soya refined ruled at Rs 685-90 for 10 kg, while soya solvent ruled at Rs 655-60.
Last week, soya refined had been ruling at Rs 658-62, while soya solvent ruled at Rs 630-35.
In futures also, soya oil traded higher with its April and May contracts on the NCDEX closing at Rs 719.81 (up Rs 7.20) and Rs 707.91 (up Rs 10.65).
Compared with last week, soya oil April contract on the NCEDX is ruling about Rs 25 higher.