Even as demand in soya oil continues to be weak at higher rate, strong global cues and speculators lifted soya oil in Indore mandis by Rs 15-20 in the past one week. Soya refined on Monday ruled at Rs 715-20 for 10 kg (Rs 710-12). Similarly soya solvent rose to Rs 683-87 (Rs 678-82) on scattered buying support and strong global cues.

Despite decline in demand at the higher rate, soya oil continues to rule higher, primarily due to strong foreign market and speculators’ involvement.

In futures also soya oil traded higher on strong foreign with soya refined February contract on the NBOT closing at Rs 730.50.

Similarly on the NCDEX, soya oil’s February and March contracts closed higher at Rs 728.60 (up Rs 4.95) and Rs 705.20 (up Rs 4.55).

On the other hand, soyabean also traded higher at Rs 3,180-3,270 a quintal (up Rs 20) amid weak arrival with about 1.10 lakh tonnes of soyabean being offloaded in mandis across Madhya Pradesh.

Notwithstanding bumper crop of soyabean this year which is expected to be around 126 lakh tonnes against 116 lakh tonnes last year, soyabean is ruling higher, with stockists engaged in building inventories. According to a report, out of 55 lakh tonnes of soyabean which have been offloaded in various mandis across the country, about 20-22 lakh tons are lying with the stockists.

Soybean plant deliveries on Monday were quoted at Rs 32,70-3,300 (up Rs 20-50) from last week. Soyabean futures also traded higher on strong foreign and improved buying support with its February and March contracts on the NCEDX closing at Rs 3,278 a quintal (up Rs 40); Rs 3,220 (up Rs 54.50) respectively.

Soya DOC is also ruling sluggish on weak export and domestic demand. In the domestic market, soya DOC ruled at Rs 26,500-800 a quintal, while on the port, it was quoted at Rs 28,500 a quintal.

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