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Bearish sentiment in soy oil and soybean, on weak physical demand and slack demand, affected prices with soy refined in local mandis being quoted at ₹610-612, while soy solvent ruled at ₹590-595 on scattered and slack buying support. Compared to last week, soy oil is ruling stable. Soybean also ruled steady at ₹3,700 a quintal on slack demand.
In futures however, soybean traded higher on improved global cues and buying support with soybean's January and February contracts on the NCEDX, closing at ₹3,708 (up ₹27) and ₹3,800 (up ₹36). Plant deliveries of soybean today ruled lower at ₹3,700 on weak demand in soy oil. Soy DOC ruled at ₹33,000 a quintal on sluggish demand and buying support in soy meal. Given weak demand in soy DOC both in the export and domestic market, rally in soybean and soy oil appears unlikely.
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