Soyabean prices in Indore mandis continue to gain strength on restricted arrival and enthusiastic demand from the crushers. In the past two days, soyabean prices perked up by Rs 50-75. Soyabean plant deliveries quoted as high as Rs 2,515-2,520 a quintal on the back of rise in soya seeds futures on the NCDEX initially before declining to Rs 2,500 a quintal with negative projection in soya seeds on the CBOT and weak buying interest at plant-level on higher rate.
State mandis
In state mandis also, soyabean gained about Rs 50 at Rs 2,370-2,420 a quintal on restricted arrival of about 1.25-1.50 lakh bags. In Indore mandis , soyabean was quoted at Rs 2,380-2,425 a quintal. Soya seeds arrival was recorded at 5,500 bags.
Soyabean February contract on the NCDEX closed Re 1 higher at Rs 2,527 a quintal. Soyameal has also gained Rs 200 in the last two days on scattered demand to Rs 19,200-300 a quintal.
uptrend in oil
Soya oil continued to witness an uptrend. Soya refined oil prices ruled firm at Rs 615-620 but most of the trading was done at Rs 615-618, while in the resale it was quoted at Rs 613-615. On the other hand, soya solvent gained marginally on scattered demand. In the spot, it was quoted Re 1 higher at Rs 583-587 for 10 kg. According to traders, soya oil prices are likely to rule firm in the coming days, keeping in view the global oil market scenario and also because of its demand in the domestic market.
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