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Weak global cues and sluggish demand continued to drag soya oil prices with soya refined being quoted at Rs 685-90 for 10 kg (Rs 695-Rs 700). Similarly soya solvent also declined on weak buying support at Rs 645-50 for 10 kg (Rs 660-65).. Prices in the past one week have dropped by Rs 20-30 for 10 kg on bearish sentiment. Soya oil futures, too, were down on weak global cues and sluggish demand with soya refined June contract on the NBOT closing Rs 7.50 down at Rs 730 for 10 kg.
Similarly on the NCDEX soya oil futures declined with its May and June contracts closing at Rs 722 (down 5) and 730 (down Rs 8.20) respectively. Soyabean also declined on weak buying support and sluggish demand in soya DOC in the export market. Soyabean in Madhya Pradesh mandis declined by Rs 50-100 at Rs 3,170-3,200 a quintal. Similarly plant deliveries in soyabean also declined to Rs 3,300-50 a quintal. Soya seeds futures too declined on weak global cues with its May and June contracts on the NCDEX closing at Rs 3,236 (down Rs 72) and Rs 3,263.50 a quintal (down Rs 23.50).
The reasons for crash have been attributed to global political uncertainties , said a trader, Mr Mukesh Purohit. Weak demand also crashed soya DOC prices on the port by Rs 500 at Rs 28,900 a quintal.
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