Commodities

Soya oil sluggish on subdued buying

Our Correspondent Indore | Updated on May 12, 2011 Published on May 12, 2011

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Bearish sentiments prevailed both in soya oil and soya seeds on the negative projection in the US Department of Agriculture's report. In the morning, soya refined deriving support from its first cut on the NBOT was being traded at Rs 592-595 for 10 kg. However, with dipping demand at the higher rate, soya refined slipped to as low as Rs 587 in the evening. There were few takers even at this rate, said a source.

Soya oil prices in the local mandis on Wednesday had witnessed marginal improvement on the back of rise in demand at the lower rate, with spot prices being quoted at Rs 580-590 for 10 kg. Soya solvent on Thursday also saw scattered demand with its prices in the spot being quoted at Rs 558, while in delivery it was quoted at Rs 562, almost same as that of Wednesday.

Subdued demand also dragged soya oil in the futures. On the NBOT, soya refined June contract closed lower at Rs 620 after opening at Rs 621.70 in the morning. Soya refined witnessed first cut of the current month at Rs 618. The second and third cuts of the month on the NBOT will take place on Friday and Saturday. On the National Commodity and Derivatives Exchange also, soya oil futures traded on a negative note with its May and June contracts closing lower at Rs 617.20 and Rs 621.65 respectively.

On the other hand, soyabean gained marginally on weak arrival. In State mandis, soyabean was quoted at Rs 2,260-2,310 a quintal against Rs 2,240-2,280 a quintal on Wednesday. Plant deliveries in soyabean also gained marginally at Rs 2,320-2,360 a quintal. Arrival of soyabean in State mandis continued to be lower because of the continuing marriage season. In mandis across Madhya Pradesh, arrivals of soyabean were recorded at 22,000 bags, against 1,200 bags in Indore mandis.

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Published on May 12, 2011
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