Weak global cues and slack demand kept soya oil in Indore mandis steady with soya refined oil remaining flat at Rs 675-80 for 10 kg.

Similarly, soya solvent also ruled steady at Rs 645-48 on slack demand.

Compared with last week, soya oil continues to rule steady.

In the futures, soya oil was mixed.

While January contracts on the NCDEX declined marginally to Rs 707.20, soya oil futures gained marginally on improved buying support with January and February contracts closing at Rs 704.30 (up Rs 2.50) and Rs 686.50 (up Rs 3.70).

With rise in soyabean production this year and weak global cues, the complex is likely to be bearish in the near futures. Soyabean also traded lower on slack demand even as arrivals in State mandis declined to one lakh bags.

In the past one week, soyabean prices declined by Rs 100 to Rs 3,080-3,150 a quintal.

Soyabean plant deliveries also declined to Rs 3,160-3,200 (down Rs 150 from last week) on slack buying support from the crushers.

Similarly soya seeds futures also traded lower on weak buying support and foreign with its January and February contracts on the NCDEX closing at Rs 3,115 (down Rs 34) and Rs 3,147 (down Rs 17.50).

With higher crop output within the country and bumper crop estimate in Argentina and Brazil, the trend appears to be bearish and it may see some corrections in its prices in the coming days, given a decline in demand, which is currently ruling at Rs 28,000-28,500 on the port (down Rs 1,000 from last week).

According to data provided by the Soyabean Processors Association of India, export of soyameal from the country in 2012 declined by 34.39 per cent compared with exports during the same period a year ago.

As against export of 7,78,382 tonnes soyameal in December 2011, export in December 2012 declined to 5,10,698 tonnes.

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