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After high gains on positive global cues on Wednesday, soya oil ruled firm on Thursday on weak Malaysian palm oil futures. In direct sale, soya refined in the spot market quoted at Rs 610-612 for 10 kg, while in the resale it was quoted at Rs 606-608 for the next two days. Trading in soya refined on Thursday was weak due to poor domestic demand with total volume of trading barely touching 700 tonnes as compared to 2,000-2,500 tonnes on Wednesday.
On the other hand, soya solvent gained marginally higher at Rs 585-590 for 10 kg with comparatively better demand. In the morning session, soya solvent in delivery was Rs 593, while the spot price was Rs 588 but in the afternoon session, soya solvent prices slightly declined as demand grew weak with prices in the spot and delivery quoted at Rs 585-590 for 10 kg. On Wednesday, soya solvent in the spot market was quoted at Rs 580-Rs 584.
With the monthly cuts on the NBOT fast approaching, soya oil February contract on the NBOT edged lower at Rs 649 on the back of very poor trading. Similarly soya oil March contract on the NBOT also was Rs 3 lower at Rs 665.80. Compared to February, soya oil March contract saw the most trading on the NBOT. On the NCEDX too, soya oil February and March contracts was lower at Rs 650.55 and Rs 668.90 respectively
On the other hand, soya seeds saw a gain of Rs 10-15 in the mandis on weak arrival. In the State mandis, soyabean was quoted at Rs 2370-2400 a quintal on Thursday, while in the Indore mandis, it was quoted at Rs 2380-2405 a quintal. Arrival of soyabean in the State mandis continues to be low with just 1 lakh bags of soyabean arriving in various mandis of Madhya Pradesh, while in the Indore mandis, arrival was recorded at about 4,000 bags. Plant deliveries in soyabean also gained Rs 10 higher at Rs 2469-2480 a quintal, while port deliveries in soyabean on Thursday was quoted at Rs 2460 and purchased by Gokul Refinery's Ruchi plant.
According to traders, futures of soyabean does not appear to be bearish with stockists engaged in clearing their stocks, thereby making way for other forthcoming crops of chana, musterd and others.
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