Soyabean ruled firm on a comparatively weak selling pressure day compared with Saturday. Because of partial closure of mandis due “Chaitra Navratri Ashtmi” on Monday, the arrival was weak with merely 10,000 bags of soyabean being offloaded in local mandis on Monday. Soyabean prices in mandis across Madhya Pradesh was quoted marginally higher at Rs 2,300-2,360 a quintal, while in Indore it was quoted at Rs 2,280-2,340 a quintal. Plant deliveries of soyabean ruled at Rs 2,420-2,460 a quintal against Rs 2,360-2,450 a quintal.
According to Mr Mukesh Purohit of M/s Premier Oil Industrial India Ltd, currently soyabean has plenty of demand from Maharashtra side from where traders are procuring soyabean at about Rs 2,400 a quintal. Limited supply and encouraging meal export demand attracted scattered buying from the crushers but the local market, by and large moved in line, with weak overseas market. In soya oil also, there was absence of aggressive trading due to slack demand in the physical market. Soya-refined ruled firm at Rs 590-592 In delivery, soya-solvent quoted at Rs 568-570, while in the spot, it was quoted at Rs 563- 565 for 10 kg, up Rs 5. According to traders, besides no demand, soy oil witnessed decline in buying interest at higher rate.
Soyabean spot prices witnessing a jump of Rs 30-40 a quintal. Soya refined April contract on the NBOT witnessed the first cut of the month at Rs 617.10 after opening at Rs 621.50. Similarly, soya-refined May contract closed Rs 7.60 lower at Rs 632.40. On Saturday, soya refined May contract had closed Rs 3.20 higher at Rs 637.20. Similar sentiments prevailed on the NCDEX with soya oil April and May contracts closing lower at Rs 623 and Rs 633.80. Soyabeans' April and May contracts closed Rs 32 and Rs 31 lower at Rs 2,425 and Rs 2,470 a quintal respectively.