Soya rally comes to a halt

Rally in soya oil and soyabean continuing for the past sometime ended today on weak global cues with soya refined declining to ₹655-58 for 10 kg, while soya solvent declined to ₹625-30. Soya seeds in the physical market declined to ₹4,150 a quintal on weak global cues while soyabean futures crashed four per cent. Plant deliveries ruled at ₹4,175 a quintal (up ₹50 from last week) on weak availability of soya seeds with the crushers. Given favourable monsoon report this year, long rally appears unlikely, said Sanjay Agrawal, a trader, while another section of traders feel that soyabean may see further rally in its prices, given lower domestic crop output and damage to soyabean crop in Brazil due to heavy rains there. Soyameal ruled stable at ₹35,000 a quintal.