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Bullish trend continued in soya oil and soyabean on strong global cues, buying support and weak arrival with soya refined on Monday rising to ₹660-62 for 10 kg (₹648-50). Similarly soya solvent rose to ₹645-47 (₹630-35) on strong buying support and global cues. Compared with last week, soya oil is ruling ₹55-60 higher in Indore.
Besides strong global cues and weak arrival, government’s move in hiking import duty on edible oil has also added to uptrend in soya oil and soyabean, said Mahesh Purohit, local soyabean trader. Given the improved demand in soya oil in mandis across the country and slack arrival of soyabean, the uptrend in soya oil is likely to continue.
Weak arrival and improved demand in soya oil as well as soyabean have lifted bean prices by ₹250 with prices in mandis across Madhya Pradesh being quoted at ₹3,300-3,400 a quintal. In the futures market, soyabean ruled higher on global cues and buying support with January and February contracts on the NCDEX closing at ₹3,434 (up ₹34) and ₹3,530 a quintal (up ₹58). Plant deliveries of soyabean also ruled higher at ₹3,460-3,500 a quintal (₹3,300-3,320 last week).
Soyameal traded higher on the spot at ₹30,000-30,600 on improved domestic demand.
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