Soya declines on bonus issue

With an uncertainty looming large over payment of bonus to soyabean farmers by the State government on account of imposition of an electoral code of conduct in the poll-bound Madhya Pradesh, soyabean prices in Indore mandis in the past one week have crashed by ₹200 a quintal. On Monday, soyabean prices declined to ₹3,100 (₹3,300 last week) with availability outstripping demand. Plant deliveries were also quoted lower at ₹3,125 on weak physical demand in soya oil and soyameal. Soyameal also was down at ₹29,000 a tonne on weak domestic demand. Soya oil, on the other hand, continued to rule higher despite slack physical demand with soya refined being quoted at ₹765-68 for 10 kg, while soya solvent ruled at ₹725-30.