The bullish trend continued in soya oil on strong global cues and increased festival demand. Soya refined, which in the morning ruled at Rs 655-60 for 10 kg, was seen rising to Rs 664-65 in the evening on strong buying support in the physical market. Buying support also lifted soya solvent to Rs 622-24 for 10 kg.
In the futures market, soya oil traded higher on strong global cues and CBOT projections. On the NBOT, soya refined November contract closed Rs 8.80 higher at Rs 689.80. Similarly, higher CBOT projections also lifted soya oil futures on the NCDEX with its November and December contracts closing at Rs 690.10 and Rs 691.80 for 10 kg respectively.
According to Mukesh Purohit, bullish trend in soya oil will likely to continue in the coming days with rise in its demand during the festive season.
Soya seeds also traded higher amid weak arrival with closure of a large number of mandis in Madhya Pradesh on Monday on account of Navratri ‘Maha Ashtami’.
Amid a tentative arrival of 1.25 lakh bags, soyabean in Madhya Pradesh mandis ruled at Rs 3,100-3,200 a quintal, while its plant deliveries also ruled higher at Rs 3,225-3,300 . Arrival of soyabean in Indore mandis was recorded at 18,000 bags, whileUjjain and Dewas mandis remained closed.
In the futures market, it traded higher with its November and December contracts on the NCDEX closing at Rs 3316.50 and Rs 3351 a quintal respectively.
With closure of majority of mandis in Madhya Pradesh, the demand for soyabean for Gwalior and Guna lines in Madhya Pradesh was met from Rajasthan where 2 lakh bags of soyabean were offloaded on Monday.
Soya DOC in the domestic market was at Rs 28,000-200 a quintal, while it was Rs 29,500 on Kandla port.