Comments
The sluggish trend continued in soyabean and its oil on slack physical demand and rise in selling pressure. Even as local mandis remained closed on Monday on account of Bakrid, in private trading soya refined ruled at ₹610-13 (₹612-15 last week). Soya solvent, on the other hand, ruled at ₹575-80 for 10 kg. Given rise in arrival of new soyabean crop in the coming days and rise in selling pressure with stockists releasing their existing carryover stock in mandis, bullish trend both in soya oil and soyabean appears unlikely in the coming days. However, with expected rise in demand during the festival season, any major fall in soya oil prices form its current level appears unlikely, said a soya oil trader .
Soyabean also traded low on poor physical buying with i prices across Madhya Pradesh being quoted at ₹2,800-3,200 a quintal. Slack buying in soya oil also dragged plant deliveries of soyabean on Monday to ₹3,100-3,200 a quintal (₹3,300-3,350 a quintal last week).
With expected rise in arrival of new soyabean in , the outlook for soyabean has turned bearish.
Soyameal also traded lower on weak domestic buying with its prices on the spot today being quoted at ₹27,500 a quintal (down ₹1,000 from last week).
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.