Commodities

Lack of buying interest hit soya oil

Our Bureau Indore | Updated on March 03, 2011

BL04_COM2_SOYA

Soya oil continues to rule sluggish with its price in the spot ruling flat at Rs 598-602 for 10 kg on lack of buying interest. In resale, soya oil ruled at Rs 597-598 and majority of the trading in resale was seen in Mandsaur-Neemuch line.

On the other hand, soya solvent ruled at Rs 565-568 for 10 kg on limited and scattered demand. Though some plants quoted soya solvent price as high as Rs 570, there were no takers.

Futures

Soya oil also edged lower in the futures. Soya oil March contract on the NBOT closed Rs 4.90 lower at Rs 630.10. Similarly, soya oil March and April contracts on the NCDEX quoted lower at Rs 631.70 (down Rs 5) and Rs 641.50 (down Rs 5.50), respectively.

According to traders, added by fluctuating domestic demand and foreign market, soya oil is at present witnessing a mixed trend with simultaneous rise and fall in its prices. On the other hand, soyabean ruled firm on limited demand and weak arrival. In mandis across Madhya Pradesh, soya seeds quoted at Rs 2,280- 2,340 a quintal, while plant deliveries rates in soya seeds quoted at Rs 2,390-2,435.

Though maximum trading at plant level was done at price ranging between Rs 2410 and Rs 2415 a quintal. Arrival of soyabean in the State mandis continues to be weak. The reason for decline in arrival has been attributed to farmers' lack of interest in releasing their stock of soyabean at this rate.

Besides, another reason that has added to bearishness in soyabean is that farmers have diverted their interest to new crops such as chana, dollar chana and masoor. Soy DOC on the port on Thursday ruled at 18,800 a quintal (up Rs 200 in the past couple of days) on slightly improved demand in export market.

Published on March 03, 2011

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