Notwithstanding firm global cues, soya oil edged marginally lower in the Indore market on dull demand. In the morning, soya refined prices opened at Rs 598-600, but lack of buying support at this level further dragged its prices. As a result, majority of trading in soya refined was done at Rs 596-597 for 10 kg.

On Saturday, soya refined notwithstanding subdued domestic demand had gained marginal strength at Rs 600-605  taking cues from firm overseas market. Scattered and weak demand also pulled down soya solvent prices on the spot on Monday to Rs 565, while in delivery soya solvent was quoted at Rs 560 for 10 kg and was procured by Ruchi Industries. Soya oil March contracts on the NBOT closed Rs 3.10 lower at Rs 630.90. Similarly on the NCEDX, soya oil March  contract edged lower to Rs 633.60, while April contract closed slightly higher at Rs 646.30.

On the other hand, subdued demand and weak arrivals also pulled soya seeds prices in the spot by Rs 20-30 at Rs 2,270-2,320 a quintal, while in the Indore mandis, it was quoted at Rs 2,270-2,340-2,345 a quintal. Due to lack of buying support for soya DOC, which on the port on Monday remained firm at Rs 18,800, plant deliveries in soyabean saw a decline of Rs 10-20 and was quoted at Rs 2,400-2,450 a quintal.

According to industry sources, currently crushers are buying soyabeans at a very slow pace as they have bought enough quantity to meet crushing requirement. Arrival of soyabean in state mandis continues to be on lower side with about 35,000 bags being offloaded in state mandis on Monday, while arrival in Indore mandis was quoted at 2,000 bags. Soyabean futures, however, traded on a positive note on the emergence of fresh buying support.

comment COMMENT NOW