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Soyabean prices increased on improved buying support for soyameal in the export market on Monday. A rise in demand for value-added products aided the bullish trend further.
Demand for soyabean oil is likely to rise in the coming days with the onset of monsoon and this lifted its prices.
Soya refined oil perked up to Rs 682-85 for 10 kg (up Rs 3-5). Similarly soya solvent also was up to Rs 645-48 for 10 kg (Rs 640-45) on scattered buying support. Soya oil futures traded higher on improved buying support and strong global cues with soya refined July contract on the NBOT closing Rs 5.20 higher at Rs 728.50 for 10 kg. Similarly on the NCDEX soya oil futures closed higher with its June and July contracts closing at Rs 723 (up Rs 5) and Rs 728.70 for 10 kg (up Rs 6.20) respectively.
In mandis across Madhya Pradesh soyabean ruled at Rs 3,330-3,420 a quintal.
With demand from the plant operators improving, plant deliveries in soyabean ruled higher at Rs 3,470-3,510 a quintal. June and July soyaben contracts on the NCDEX closed higher at Rs 3,530 a quintal (up Rs 30) and Rs 3,476.50 (up Rs 51.50) respectively.
Soyameal quoted at Rs 30,200 a quintal on improved export demand. In the domestic market it ruled at Rs 28,500-29,000.
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