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Soyabean ruled firm in Indore mandis on Monday following subdued demand and weak global cues.
Amid an arrival of 1.25 lakh bags, soyabean prices ruled at Rs 3,650-3,850 a quintal.
Besides weak demand, arrival of new cotton seeds in mandis and slack demand in soyameal aided the bearish trend in soyabean.
Given adequate carryover stock and weak demand for soyameal and oil, the bearish sentiment is expected to continue in the coming days, said Mukesh Purohit, a local soya oil manufacturer.
futures In the futures market also, the oilseed traded lower with December and January contracts on the NCDEX closing at Rs 3,800 a quintal (down Rs 25.50) and Rs 3,747 (down Rs 20) respectively.
Plant deliveries of soyabean also ruled firm at Rs 3,850-3,950.
meal, oil Soyameal prices also ruled flat on slack demand with prices for delivery at Kandla port being quoted at Rs 35,400, while it was Rs 33,000-400 a quintal in the domestic market.
Soya oil also ruled sluggish on slack buying and weak global cues with soya refined being quoted at Rs 655-60 for 10 kg, while soya solvent declined to Rs 610-12.
In futures market, soya oil was mixed with its December and January contracts on the NCDEX on Monday closing at Rs 695 for 10 kg (up Rs 1.05) and Rs 690 (down Rs 4.45).
According to traders here, the bearish sentiment will continue in soya oil on increased buying support for new washed cottonseed oil in local mandis.
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