The sluggish trend in soya oil and soyabean continued on Monday following weak global cues and slack demand. Soya refined in Indore mandis declined to ₹595-600 a quintal (₹605-608), while soya solvent ruled at ₹550-555 (₹560). In futures also, soya oil traded low on slack buying and weak global cues. In the past one week, it has declined by ₹15. Given the rise in arrival of new soyabean and slack buying, the outlook for soyaoil is bearish.

Amid rise in arrival of new soyabean in mandis across Madhya Pradesh, soyabean also traded low with prices in mandis across Madhya Pradesh on Mondayquoting at ₹2,650-2,700 a quintal (down ₹500 from last week). Plant deliveries of soyabean also traded lower at ₹2,850-2,900 a quintal on slack buying support from crushers. Compared with last week, soyabean’s plant deliveries are ruling ₹300 a quintal lower.

In futures as well, soyabean traded lower on weak global cues and sluggish demand with October and November contracts on the NCEDX on Monday closing at ₹2,885 (down ₹98) and ₹2,914 a quintal (down ₹38).

Arrival of new soyabean in mandis across Madhya Pradesh on Monday rose to 4 lakh bags with Indore mandis witnessing 30,000 bags arrival. Given rise in arrivals of new crop and increased selling pressure from stockists, the outlook for soyabean is also bearish, said Mahesh Purohit, a local soyabean trader talking to the BusinessLine .

Soyameal also traded lower on weak domestic and export demand with its prices on the port on Monday being quoted at ₹26,000-26,100 a quintal (down ₹1,500 from last week).

Related Topics
comment COMMENT NOW