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Both soyabean and soya oil witnessed a sluggish trend on slack physical demand and weak foreign cues with soya refined in Indore mandis on Monday declining to ₹635-45 for 10 kg, while soya solvent declined o ₹605-10. In futures also, soya oil was trading lower on weak foreign and buying support. Even as arrival in Indore mandis continues to be on the lower side, soyabean traded low on weak foreign and buying support with its prices in Indore mandis at ₹3,850-4,000 a quintal.According to Mahesh Purohit, a local soya oil manufacturer, demand in soyabean will likely to pick up on increased demand for soyameal from poultry farms.
In futures, however, soyabean showed a mixed trend. Its July contracts on the NCDEX closed higher at ₹3,862 (up ₹107), while its October contracts closed lower at ₹3,687. Given delay in monsoon and sowing, any major fall in soyabean prices from its current level appears unlikely.
Plant deliveries ruled firm at ₹4,050-4,100 (down ₹50 from last week) on weak arrival. Soyameal ruled stable at ₹36,550-700 a quintal on subdued demand.
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