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Despite improved global cues both soybean and soy oil traded low on sluggish demand in soy DOC with soy refined being quoted at ₹ 622-25 (₹625-28 last week), while soy solvent ruled at ₹605-₹610 (down ₹2 from last week).
Demand in soy oil continues to be weak, notwithstanding festive season ahead. Soybean also traded low on weak buying support and sluggish demand in soy SOC with its prices in the physical market being quoted at ₹3,700-₹3,750 a quintal amid arrival of 15,000 bags.
Compared to last week, soybean is ruling ₹200 a quintal lower. Soybean futures traded low on weak global cues and buying support with soybean's November and December contracts on the NCEDX closing at ₹3,782 (down ₹54) and ₹3,861 (down ₹48).
Given the decline in soybean output in the country, bearish sentiment in soybean appears unlikely in the coming days. Plant deliveries of soybean were quoted lower at ₹3,650 on weak demand in soy oil.
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