Soya oil ruled flat on slack demand. Despite improved global markets, soya refined ruled steady at Rs 695-700 for 10 kg. In the resale market, soya oil fetched Rs 690-691. Soya solvent was flat at Rs 656-660. Compared with last week, soya oil is up Rs 5. However, according to traders here, demand for soya oil remains weak because of cheaper cottonseed, palm and super palm oils.
Soya refined’s December contract on the National Board of Trade closed higher at Rs 716.50 for 10 kg after opening at Rs 715.40. On the National Commodity and Derivatives Exchange (NCDEX), soy oil’s December and January contracts closed at Rs 729.80 (up Rs 4.35) and Rs 714.85 (up Rs 2.20) for 10 kg. Soya oil futures closed higher last week too on higher demand.
Soyabean gained Rs 20-25 a quintal on weak arrivals and improved demand for soya de-oiled cake or soyameal, both in the export and domestic markets. On Monday, soyabean in Madhya Pradesh mandis ruled at Rs 3,200-3,320 a quintal (Rs 3,090-3,200 last week), amid arrivals of 2 lakh bags. In Indore, 7,000 bags of soyabean arrived, 5,000 in Dewas and 9,000 in Ujjain. Plant deliveries of soyabean gained to Rs 3,390-3,420 a quintal from Rs 3,250-3,280 last week on improved demand from crushers.
Demand and stronger global cues lifted soya seeds’ December and January contracts on the NCDEX to Rs 3,383 a quintal (up Rs 35.50) and Rs 3,340 (up Rs 38), respectively. Compared with last week, soya seeds’ futures on the NCDEX are ruling over Rs 100 a quintal higher.
Higher demand has pushed up prices of soyameal in both the domestic market and the port by about Rs 2,000 a quintal. In the Kandla port, it quoted at Rs 30,000 a quintal, while it perked up to Rs 28,500-29,000 in the domestic market.