Bearish trend to continue in soyabean

Rise in arrival of new crop, slack demand and weak foreign market have kept new soyabean in Indore mandis grounded for the past few days. Amid arrival of 20,000-25,000 bags, soyabean in Madhya Pradesh ruled at Rs 2,750-3,200 a quintal. In Indore, new soyabean ruled at Rs 3,000-3,200 amid arrival of 10,000 bags. In Ujjain and Dewas, it was recorded at 1,500 bags each, and 1,000 at Dhar mandi. Plant deliveries with 10:2:2 condition also declined to Rs 3,250- 3,425 (Rs 3,400-3,600 on Saturday). In futures, October and November contracts on the NCEDX closed lower at Rs 3,415 (down Rs 40) and Rs 3,408.50 (down Rs 18.50). According to Mukesh Purohit, a local soya trader, bearish sentiment in soya seeds will continue as arrival will pick up in the coming days. On the other hand, soya oil has also witnessed an alarming decline in the past one week with rise in arrival of new soya seeds and slack buying support in the physical market. In the past one week, soya refined prices have fallen by over Rs 40 to Rs 710-15 for 10 kg on Monday. Soya solvent prices also crashed by over Rs 60 to Rs 670-75 for 10 kg. Soya refined October contract witnessed lower circuit on the NBOT at Rs 700.50 for 10 kg. On the NCEDX, October and November contracts closed lower at Rs 694.80 and Rs 680.10. Soya DOC also declined by over Rs 2,000 to Rs 38,000-39,000.