Agri Business

Domestic, export meal demand perk up soya

Our Correspondent Indore | Updated on January 24, 2011


Soyabean gained Rs 20-25 in the spot market with a rise in soyameal or de-oiled cake prices that increased Rs 300-400 a quintal to Rs 18,500, with demands from both domestic and export markets.

Soyabean in the state mandis on Thursday was quoted at Rs 2,270-2,330 a quintal, while in Indore mandis it was quoted at Rs 2,250-2,310-15. According to a trader, Mr Mukesh Purohit, the demand for soyabean at plant-level witnessed an increase.

Arrival of soyabean in the state mandis was comparatively lower with merely 1.50 lakh bags on Thursday, while in Indore mandis, arrival of soyabean was 6,500 bags. Plant deliveries of soyabean also edged higher on improved demand to Rs 2,340-2,350.

On the NCEDX, soyabean futures edged higher with January and February contracts closing at Rs 2,350 and Rs 2,433 a quintal respectively.

Compared with soyabean, soya oil prices ruled steady. The board witnessed the first cut of the month on Thursday at Rs 630.70 after its January contract opened at Rs 627. In the spot market, soya refined, which opened at Rs 605 for 10 kg in the morning, witnessed a decline in prices with most of the plants trading in soya refined at Rs 598-602. Similarly, soya solvent ruled firm at Rs 565-Rs 570 on subdued demand. Trade sources, however, ruled out any bearish future for soya oil in the coming days.

Published on January 24, 2011

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