Notwithstanding strong global cues, soya oil traded lower both on the spot and futures because of weak buying in the physical market. With March drawing to a close and absence of buyers in the market, soya oil refined on the spot quoted at Rs 2-3 lower at Rs 560-565 for 10 kg. Absence of buying was also seen in soya solvent with its price in the delivery quoted about Rs 5 down at Rs 525, while on the spot it was quoted at Rs 530. According to traders, besides weak demand, the current financial year which will come to an end in two days, is also weighing heavily as traders are busy filing their tax returns.

Both on the NBOT and the National Commodity and Derivatives Exchange, traders' lack of buying interest in futures led to decline in its prices. Soya refined April contract on the NBOT closed Rs 6.30 down at Rs 592.40 for 10 kg on decline in buying interest at higher rate. On the NCDEX also soya oil futures witnessed a bearish trend with April and May contracts closing lower at Rs 594.50 and Rs 605.35 for 10 kg. Bearish trend also witnessed in soyabean on the back of weak demand and poor arrival. Soyabean in State mandis on Monday was quoted about Rs 20-25 down at Rs 2,200-2,230 a quintal. Similarly in Indore mandis also it was quoted down at Rs 2,230-2,260 a quintal. Arrival of soybean in State mandis was recorded at about 10,000-12,000 bags against about 400 bags in Indore mandis .

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