Commodities

Low offtake hits soyabean, its oil

Our Correspondent Indore | Updated on July 28, 2011 Published on July 28, 2011

soya

Soya oil traded lower on subdued demand even as foreign markets improved. Soya refined recovered some losses in the evening, with Malasiyan palm oil futures showing an improvement. Soya refined, taking cues from improved global markets, gained marginally at Rs 630-635 for 10 kg. However, demand for soya refined remained subdued at the current price level. In the resale market, soya refined fetched Rs 627-628. Soya solvent ruled sluggish on scattered buying. In the spot market, it quoted at Rs 597-598, while in the delivery market it fetched Rs 601-602 for 10 kg, down Rs 5-6.

Soya oil ruled sluggish on Wednesday, too, despite bullish foreign markets. Soya refined declined in Indore mandis on Wednesday to Rs 632-635 for 10 kg on falling demand at the higher price and increased selling, and soya solvent at quoted Rs 601-605.

Improved foreign markets and buying in the futures market, on the other hand, perked up soya oil prices on the National Board of Trade, with August contract for soya refined closing higher at Rs 663.70 after opening at Rs 659 in the morning. Soya oil trader higher on the National Commodity and Derivatives Exchange also, with August and September contracts closing higher at Rs 662.70 and Rs 659.80.

Soyabean traded low on weak demand for soya de-oiled cake, which still ruled firm in Kandla port at Rs 18,000 a quintal. In mandis across Madhya Pradesh, soyabean was quoted at Rs 2,250-2,320 against Rs 2,260-2,325 a quintal on Wednesday. Plant deliveries of soyabean were also quoted lower at Rs 2,360-2,380 a quintal. Soybean futures dropped on weak buying, with its August and September contracts on the NCDEX closing Rs 13 and Rs 7 lower at Rs 2,409 and Rs 2,429 a quintal.

While 36,000 bags of soyabean arrived in State ex Indore mandis, 2,500 bags arrived in Indore mandis.

Published on July 28, 2011
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