Limited arrivals heat up soya oil

Our Correspondent Indore | Updated on October 20, 2020

Riding on strong futures and global cues, rally continued in soya oil on weak availability of soya seeds with the crushers. Soya refined today rose to ₹948-52, while soya solvent ruled at ₹900-905 for 10 kg.

Amidst weak availability of new seeds with crushers, soya oil plant rates were also quoted higher with soya refined Avi/Ruchi/Gambuja today being quoted at ₹960 each, MS Solvex/Khandwa/Kota/Amrit at ₹ 950 each, Keshav/Prestige/Vippy/Itarsi/Mahakali/Bansal at ₹955 each, soya refined (Bajrang) at ₹ 956, MS Pachor/Kalapipal ₹ 953 each, while soya refined Nimbhara was quoted at ₹947 for 10 kg.

According to traders, besides strong futures and global cues, reports of 20-30 per cent damage to soyabean crops in Madhya Pradesh and Maharashtra on account of recent rains have also contributed to the uptrend in soya oil and soyabean. Soyabean prices in mandis across Madhya Pradesh ruled at ₹ 3800- 4,300 a quintal.

According to Sanjay Agrawal, a soyabean trader, reports of damage to soyabean crop has prompted farmers to restrict supplies leading to rise in prices .

In the futures also, soyabean were quoted higher with November and December contracts on the NCDEX today closing at ₹ 4298 (+ 58) and ₹ 4326 (+ 56), respectively.

Indore mandis today recorded an arrival of 12,500 bags, followed by Dewas with 11,000 bags, Badnawar - 10,000 bags, Ujjain - 9,000 bags, while Badnagar and Dhar mandis recorded an arrival of 8,000 bags each.

Published on October 20, 2020

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