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In the absence of global cues and sluggish physical demand, both soyabean and soy oil traded lower in Indore mandi s on Monday with soyabean being quoted at ₹3,550-3,700 a quintal on Monday. Compared to last week, soyabean is ruling stable. Given favourable crop report and large carryover stock of soyabean both in the domestic and international market, bullish sentiment in both soyabean and soy oil appears unlikely in the coming days. Strong crop report in the US will also add to bearish sentiment, said a trader talking to the BusinessLine .
With decline in demand for both soyabean and soy oil, plant deliveries of soyabean on Monday also was quoted lower at ₹3,600-3,775 a quintal (₹3,425-3,800 last week). Soya oil also traded low on weak physical demand with prices of soya refined in local mandi s today being quoted at ₹580-90 for 10 kg (₹595-600 last week). Similarly soy solvent declined to ₹540-45 for 10 kg (₹555-60). Compared to last week, soy oil is ruling ₹15 lower.
Sluggish trend also continued in soy DOC on weak domestic demand with soyabean on Monday being quoted at ₹33,800-34,000 a quintal (₹34,500-35,000).
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