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Amid looming uncertainty over continuation of ‘Bhavantar Yojna’ (Price difference scheme) in Madhya Pradesh, the farmers have restricted supply of soybean in mandis across Madhya Pradesh, leading to sharp rise in its prices in the past few days. In the past one-week soybean prices in Indore mandis have gone up by ₹300 with its prices herebeing quoted at ₹3,800 a quintal. Weak availability of soybean with the crushers has also lifted plant deliveries of soybean to ₹3,800-3,850 a quintal. In the future, soybean's February contract on the NCDEX today closed ₹4 lower at ₹3,802, while its March contract closed at ₹3,848 a quintal.
Despite weak physical demand, the rally in soy oil also continued on weak availability of soy seeds with the crushers. On Monday, soy refined ruled at ₹775-80 for 10 kg (up ₹10), while soy solvent was quoted at ₹745-48 for 10 kg. Soy DOC also ruled higher at ₹30,000 a tone.
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