Weak futures dragged down soya oil a little despite good buying in the physical market ahead of the festive season. Soya refined was traded at Rs 634-636 for 10 kg on Thursday in the local market against Rs 636-639 on Wednesday.

Demand for soya refined was as usual at the current price despite weak foreign markets, said Mr Mukesh Purohit, a soya oil trader. Resellers sold soya refined at Rs 633-634. Soya solvent saw scattered buying at Rs 605-609 for 10 kg against Rs 606-610 on Wednesday. Traders expect soya oil prices to rise further as demand goes up ahead of the festival season amid depleting stocks. Taking cues from weak global markets and projections, demand for soya oil weakened in the futures market. August contract of soya refined National Board of Trade closed lower at Rs 662.20 after opening at Rs 666 in the morning. Soya oil futures traded lower on the National Commodity and Derivatives Exchange, too, with August and September contracts closing lower at Rs 660.25 and Rs 655.65.

Soyabean, on the other hand, ruled firm at Rs 2,300-2,350 a quintal despite subdued demand. Plant deliveries of soyabean were quoted at Rs 2,400-2,425 a quintal against Rs 2,370-2,500 on Wednesday. Arrivals dropped in mandis across Madhya Pradesh ex Ujjain and Indore to 25,000 bags against about 40,000 bags on Wednesday. While 2,500 bags arrived in Indore mandis , 3000 arrived in Ujjain. Soya de-oiled cake ruled at Rs 18,500 a quintal in the port on scattered buying in the export market and at Rs 17,500 a quintal in the domestic market.

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