Futures lift spot soyabean

Our Correspondent Indore | Updated on March 17, 2011


Soyabean and soy oil gained on improved foreign support and the rise in futures.

Improved buying in the domestic market also lent strength to soy seeds and oil in the physical market. Soy refined gained Rs 3-4 at Rs 572-Rs 575 for 10 kg on improved domestic demand and Malasiyan palm oil futures.

Improved demand also perked up soy solvent, with its prices in the spot on Thursday quoting Rs 8 up at Rs 540 (spot) and Rs 543 (delivery). According to trade sources, about 1,000 tonnes of soy solvent was bought by Ruchi Industries alone. Soy oil futures also gained on improved buying. At NBOT, soy refined April contract closed Rs 3.80 higher at Rs 609.

Similarly, soy oil April and May contracts on the National Commodity and Derivatives Exchange (NCEDX) also closed Rs 4 and Rs 2 higher at Rs 607 and Rs 610 for 10 kg. The investors who had made deals for longer periods in soyabean and soy oil want to sell now, leading to sluggishness in both soyabean and soy oil.

On the other hand, soy seeds on Thursday traded higher on weak arrivals and improved rates on the Chicago Board of Trade. Soyabeans were quoted about Rs 20 up at Rs 2,170-2,230 a quintal in mandis across Madhya Pradesh, except in Indore mandis, where it was quoted at Rs 2,170-2,220 a quintal.

Arrivals of soyabean in State mandis continues to be on the wane with merely 25,000 bags arriving, especially in Indore mandis where arrivals declined to 500-600 bags on Thursday.

Plant deliveries of soyabean were also quoted Rs 20-Rs 30 up at Rs 2,270-2,350 a quintal.

On the NCEDX, soybean April contract closed Rs 5 lower at Rs 2,287 a quintal.

Published on March 17, 2011

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