Lack of support in the physical market and weak foreign markets helped soy seeds and soy oil prices remain firm, though soya bean did witness a slight gain because of poor arrivals. Mandis across Madhya Pradesh witnessed dull trading on weak arrivals.

Arrivals of soya bean in State mandis were recorded at merely 10,000 bags on Monday against 100-150 bags in Indore mandis . Soya bean in State mandis was quoted Rs 10-20 up at Rs 2,200-2,270 a quintal, while in Indore mandis it was quoted at Rs 2,280-2,300 a quintal.

Plant deliveries in soya bean also ruled firm at Rs 2,325-2,340 a quintal. On weak CBOT projection, soya bean futures on the National Commodity and Derivatives and Exchange (NCDEX) also closed lower with its April contract ending up Rs 3.50 lower at Rs 2,364 a quintal.

Weak domestic demand and foreign support also kept the soy refined prices firm at Rs 575-580 for 10 kg. According to Mr Mukesh Purohit, a soy oil trader, trading in local mandis was subdued after Holi with soy refined witnessing selective and scattered trading at Rs 577-578 for 10 kg. Soy solvent also witnessed dull business with scattered trading in spot witnessed at Rs 540 for 10 kg. However, there were no takers for soy solvent in delivery at Rs 548.

Driven by weak Malasiyan palm oil futures, soy oil prices also edged lower in the futures on poor buying. On the NBOT, soy refined April contract closed Rs 4.80 lower at Rs 613.20. Similarly on the NCDEX also, soy oil April and May contracts closed at Rs 614.35 and Rs 621.90 a quintal.

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