Commodities

Low inflows keep soyabean bullish

Our Bureau Indore | Updated on March 19, 2012 Published on March 19, 2012

BL20_P19_SOYA

Soyabean in mandis here continued to be bullish on Monday lower arrivals. Improved demand for soya de-oiled cake or soyameal in the export market has strengthened soya seeds.

Soyabean ruled at Rs 2,700-2,760 a quintal as arrival declined to 35,000 bags. In Ujjain and Dewas, 3,500 bags and 4,000 bags arrived. Overall, 75,000 bags arrived in Madhya Pradesh. Arrivals in the State have declined from 1 lakh bags 15 days ago as farmers are busy harvesting wheat and chana.

Plant deliveries of soyabean rose to Rs 2,835-2,850 a quintal.

Since January soyabean prices here have gone up by Rs 300-340 a quintal, discouraging stockists from buying.

On the futures market, despite low demand, speculation

has pushed up soyabean’s March and April contracts on the National Commodity and Derivatives Exchange (NCDEX) to Rs 2,796.50 a quintal (up Rs 16.50) and Rs 2,927 a quintal (up Rs 25).

According to Soybean Processors Association of India, about 75-80 lakh tonnes have already been offloaded in mandis across the countrry, while the remaining stock of about 35 lakh tonnes will likely come after the rabi season ends.

Soya refined declined to Rs 695-698 for 10 kg on decline in buying support at the higher rate. Soya solvent ruled unchanged at Rs 665-670 for 10 kg. Soya refined’s April contract was Rs 1.50 down at Rs 737.50 for 10 kg on the National Board of Trade on poor buying.

On the other hand, soya oil’s March contract on the NCDEX closed Rs 2 higher at Rs 734.50 for 10 kg. Soyameal in the port declined by Rs 200 to Rs 22,000 a quintal, while in the domestic market, it ruled at Rs 21,000 a quintal.

Published on March 19, 2012
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