Soyabean futures dip 10% in last one week

| | Updated on: Jul 30, 2012
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Soyabean futures on the National Commodity and Derivatives Exchange Ltd (NCDEX) dipped 10 per cent to Rs 4,556 a quintal in the last one week tracking the international price trend.

The special margin of five per cent on NCDEX was increased to 20 per cent on all the contracts.

The spot market price in Indore also fell five per cent to Rs 4,677 a quintal.

Area under oilseeds cultivation improved to 138.33 lakh hectares till July 27 against 134.45 lakh hectares covered in the same period last year.

As per the Government’s fourth advance estimates, oilseeds production was pegged at 30.01 million tonnes. Of this, soyabean output was pegged at 12.28 mt in 2011-12. The US oilseeds production is estimated to be lower by 4.2 mt at 92.7 mt.

Refined soya oil on NCDEX and crude palm oil (CPO) on the Multi Commodity Exchange (MCX) settled lower last week.  Also, lower demand capped the upside in edible oil prices.

India imported 124,125 tonnes of refined palm oil in June, down nearly 25 per cent from May. Total vegetable oil imports in June were 783,315 tonnes, down 12.7 per cent

Refined soya oil and CPO may trade lower on account of lower than normal demand of edible oil during this festival season.

Published on July 30, 2012

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