Soya rules flat despite global cues

Our Correspondent Updated - June 17, 2013 at 09:20 PM.

Soya oil and soya seeds ruled flat on subdued demand and buying support despite strong global cues.

Even as crude palm oil on Bursa Malaysia Derivatives Exchange closed higher, soya oil ruled at Rs 675-80 for 10 kg on slack and scattered buying support, though majority of buying in soya refined was seen at Rs 675-77.

Soya solvent also traded marginally lower at Rs 646-47 (Rs 645-50) on slack demand.

However, compared to last week, soya oil is ruling Rs 5 higher. Demand in soya oil continues to be slack for the past sometime on weak demand strong buying support in cotton oil which is reasonably cheap compared to soya oil.

Soya oil on the other hand traded higher on rise in buying support and strong global cues with its June and July contracts on the NCEDX closing at Rs 715 and Rs 700.40 respectively.

Soyabean prices also ruled firm at Rs 3,750-3,850 a quintal amid arrival of 35,000 bags in mandis across Madhya Pradesh. Compared to last week, soyabean is ruling Rs 25-50 higher amid weak arrival and strong global cues.

Plant deliveries in soyabean ruled at Rs 3,850-3,950 (up Rs 50 from last week).

In futures, soyabean traded higher on strong buying support and global cues.

On the NCDEX, soyabean June and July contracts closed at Rs 3,911 (Rs 3,790 last week) and Rs 3,890 (Rs 3,790 a quintal last week).

Rise in dollar and improved buying support in the export market have perked up soya DOC prices in the past one week by almost Rs 3,000 to Rs 36,200, while in the domestic market, it ruled at Rs 34,200-700.

Published on June 17, 2013 15:50