Agri Business

Soy oil recoups

Our Correspondent Indore | Updated on February 17, 2011

BL18_COM2_SOYA

Soy oil regained its losses of the previous day to some extent on improved global cues with Malaysian palm oil futures closing at - 20. In the morning, trading in soy refined was comparatively weak on slack demand. However, in the second half of the day, buying improved at lower rate. As a result of this, traders hiked soy refined prices to Rs 600-Rs 605. Soy solvent also ruled firm at Rs 575-Rs 580 on scattered buying. Soy refined prices in Indore mandis on Wednesday had dipped to Rs 598-Rs 600 with steep fall in Malaysian palm oil futures.

Improvement in Malaysian palm oil futures on Thursday as compared with the previous day also perked up soy oil futures both on the NBOT and the NCEDX. On the NBOT, soy oil March contract, after opening at Rs 641.80, closed higher at Rs 645.20. On Wednesday, soy oil March contract on the NBOT closed lower at Rs 639.10 for 10 kg after opening at Rs 647. Similarly, soy oil futures also improved on the NCEDX with soy oil February and March contracts closing higher at Rs 628.50 and Rs 648.20 respectively with improved demand.

In soy seeds also, demand remained subdued, with prices in the mandis quoted marginally lower at Rs 2,280-Rs 2,320 a quintal, while in Indore mandis soybean prices were quoted at Rs 2,300-Rs 2,350 a quintal. On the other hand, plant deliveries of soybean gained Rs 10 - Rs 15 at Rs 2,375- Rs 2,410 a quintal on improved demand. Arrival of soybean in State mandis continue to be weak with merely 60,000 bags of soy seeds arriving in the State mandis, while in Indore arrival was recorded at about 1,800 bags.

According to a soybean trader Mr Mukesh Purohit, with downtrend continuing in both soybean and soy oil, farmers have restricted releasing stocks of soybean to the State mandis hoping for a rise in its prices, which according to them may go up to Rs 2,600-Rs 2,700 a quintal by the middle of the current year, keeping in view expected decline in production of soybean at global level due to adverse weather conditions.

Published on February 17, 2011

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