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Notwithstanding weak global cues and rise in arrivals, soyabean and soya oil are trading higher as demand for soyameal and soya oil has improved in the spot market.
Even as arrival of soyabean in mandis across Madhya Pradesh on Monday rose to 60,000 bags, weak global cues and improved demand in soyameal from the poultry sector lifted soyabean prices to ₹3,900-4,100 a quintal (up ₹100 from last week). In the futures also, soyabean traded higher on strong buying support with its July and August contracts on the NCDEX closing higher at ₹3,828 (up ₹77) and ₹3,530 a quintal (up ₹29).
Late sowing and high moisture content in the soil due to rains, may affect soyabean crop and it may add to bullish sentiment in the coming days. Added to this, strong buying from poultry farms will further support rally in soyabean , said Mahesh Purohit, a local trader. Plant deliveries also ruled higher at ₹4,200-50 (up ₹100-150 from last week) on improved demand in soya oil and soyameal.
Improved demand and buying support have also lifted soya oil in Indore mandis in the past one week by ₹15 with soya refined on Monday here was being quoted at ₹650-660, while soya solvent ruled at ₹610-15 for 10 kg (up ₹5 from last week). Rise in buying support also lifted soyameal to ₹38,500 a quintal.
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