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Soyabean futures dropped almost 2 per cent on account of weak global cues and higher arrivals in the spot. Weak CPO prices, which declined on higher stocks, also dragged soyabean down.
On the NCDEX, December contracts slipped by Rs 38.50 to Rs 3,232.5 a quintal, while January and February contracts lost Rs 36.50 and Rs 31 to Rs 3,247 and Rs 3,274 respectively.
Though there was good demand from extractors to honour their soyameal export commitment, heavy arrivals crushed the bean. Soyameal exports during October dropped to 49,840 tonnes, the seventh consecutive month of fall in the current fiscal year, from 2,23,594 tonnes a year ago.
Arrivals across all the mandis have been rising from 3 lakh bags (of 100 kg each) last week to 4.5 lakh bags today.
In the spot market at Indore (Madhya Pradesh), soyabean was quoting down at Rs 3,271 a quintal. Plant delivery was at Rs 3,250-3,270, down by Rs 25-30 from yesterday.
Global front: Soyabean prices on the Chicago Board if Trade (CBoT) touched a 2-1/2 week high at $14.48 / bushel (of 25 kg) on continued export demand and worries about crop weather in Argentina.
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