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Soyabean ruled steady in Indore mandis on subdued demand and improved global cues.
On Monday, new crop in Indore mandis ruled at Rs 3,300-3,400 a quintal, while old crop was quoted at Rs 3,500.
Due to high moisture content, demand for the new crop continues to be weak even as arrival declined to 80,000-1 lakh bags against 1.25-2 lakh bags last week.
In the futures market, however, the oilseed traded higher on strong global cues and rise in buying support at lower rate with October and November contracts closing at Rs 3,435 (up Rs 32.,50) and Rs 3,453 (up Rs 29) respectively.
As arrival picks up momentum over the next few weeks, soyabean prices in the physical and futures markets are expected to decline, said a trader.
Plant deliveries rose marginally to Rs 3,450-3,500 .
Soyameal in the domestic market ruled at Rs 30,700-31,000 , while it was quoted at Rs 32,000-300 on the port on subdued demand both in the domestic and export market.
Soya oil edged up on improved demand and strong global cues with soya refined at Rs 635-40 for 10 kg (Rs 630-35), while soya solvent ruled at Rs 602-604 (Rs 600-604).
Soya oil October and November contracts on the NCDEX closed at Rs 662.50 for 10 kg (up Rs 8.75) and Rs 662 (up Rs 6.95).
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