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Soya oil continued to slide on weak foreign markets and slack demand in the physical market. Soya refined on Monday declined to Rs 690-695 for 10 kg (Rs 695-700), while soya solvent declined to Rs 658-660 (Rs 658-662).
Compared with last week, soya refined in the physical market is down Rs 25. Besides, profit booking at the higher rate has also led to the decline in soya oil in the past one week. Soya oil futures traded low on weak CBOT projections and buying with February and March contracts on the National Commodity and Derivatives Exchange (NCDEX) closing at Rs 723 (down Rs 1.15) and Rs 694.90 (down Rs 5.70). Compared with last week, the two contracts are down Rs 18 and Rs 30 respectively.
Sluggish trend continued in soyabean on weak foreign markets and slack demand for soya de-oiled cake or soyameal. On Monday, soya seeds ruled at Rs 3,150-3,250 a quintal (down Rs 30-50 from last week). Plant deliveries of soyabean declined to Rs 3,270-3,320 against Rs 3,300-3,350 last week. Weak global cues and buying pulled down soyabean futures with February and March contracts on the NCDEX closing at Rs 3,260 (down Rs 41.50) and Rs 3,172 (down Rs 61.50).
Soyameal declined on sluggish domestic and export demand. While in the domestic market on Monday it was quoted at Rs 27,000, it was Rs 28,500 a quintal in the port. One lakh bags arrived in Madhya Pradesh on Monday, including 5,000 bags each in Indore and Ujjain mandis and 4,000 bags in Dewas.
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