Commodities

Weak foreign markets pull down soya oil

Our Correspondent Indore | Updated on July 04, 2011

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Soya oil declined marginally on weak foreign cues on Monday, after global cues lifted it on Saturday. Soya refined declined to Rs 608-609 for 10 kg as Malaysian palm oil futures weakened and buying at the higher rate dropped in the physical market.

Similarly, soya solvent also traded lower on weak foreign markets and subdued buying in the physical market. Soya solvent prices slipped to Rs 578-580 in the evening from Rs 580-582 for 10 kg in the morning. Weak foreign markets dragged soya oil futures, too. The July contract for soya refined came down to Rs 638.90 in the evening from Rs 643 in the morning on National Board of Trade. Soya oil futures traded lower on the National Commodity and Derivatives Exchange, too, with July and August contracts closing at Rs 638.90 and Rs 638.65 respectively, after opening at Rs 642.60 and Rs 643, respectively, in the morning.

Soya seeds, on the other hand, ruled steady on weak projections by the Chicago Board of Trade and higher arrivals. Soyabean prices settled at Rs 2,200-2,260 a quintal in State ex Indore mandis against Rs 2,200-2,250 in Indore mandis.

On the NCEDX also, soya seeds futures traded low on slack buying, with July and August contracts closing lower at Rs 2,314 a quintal, down Rs 11, and Rs 2,330 a quintal, down Rs 9. Plant deliveries of soyabean also ruled steady at Rs 2,300-2,320 a quintal. Soya de-oiled cake also ruled steady. It sold at Rs 17,500 in Kandla port on Monday on subdued buying in the export market.

Arrivals of soyabean in State mandis has started picking up as sowing of soya seeds gets over.

Published on July 04, 2011

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