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Despite improved global cues, bearish sentiment prevailed in both soy oil and soybean on slack physical demand in soy oil and soy DOC with soy refined in local mandis being quoted at ₹615-17 for 10 kg (₹620-623 last week), while soy solvent ruled at ₹590-95 (595-600) last week. Soybean traded low at ₹3,700 a quintal (down ₹100 from last week) on weak physical demand. Arrival of soybean in local mandis recorded at 4,500 bags. In futures , soybean traded lower on weak buying support with soybean's March and April contracts on the NCEDX closing at ₹3,653 (down ₹63) and ₹3,708 (down ₹61). Besides weak demand, Madhya Pradesh government's move to lower VAT on soy DOC by 1% has also contributed to bearish sentiment in soy oil and soy DOC.
Plant deliveries of soybean traded low at ₹3,700 (down ₹100 from last week) on weak buying support in soy oil. Soy DOC prices on the spot were quoted at ₹32,000-32,500 a quintal on slack and subdued demand for soy DOC in the domestic market.
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