Bullish trend continued in soya oil on improved domestic demand and slack demand for soya de-oiled cake or soyameal in the export market.
Soya refined on Monday soared to Rs 707-710 for 10 kg (almost Rs 30 higher over last week). Soya solvent rose to Rs 670-675 ( Rs 25-30 higher over last week) on strong demand in the physical market. In the resale market, soya oil fetched Rs 703-704. Strong foreign markets also pushed up soya oil. Soya oil futures traded higher on strong global cues and upbeat projections by Chicago Board of Trade . On the National Board of Trade, soya refined’s December contract closed higher at Rs 731.60 for 10 kg after it opened at Rs 726 in the morning. On the National Commodity and Derivatives Exchange (NCDEX), its December and January contracts closed at Rs 730.35 (up Rs 4.70) and Rs 721.50 (up Rs 3.25).
Poor parity in soyameal on account of weak export demand and improved demand in the physical market due to beginning of marriage season have led to a bullish trend in soya oil, said local soya-oil-maker Mukesh Purohit.
On the other hand, soya seeds remained stable in the past week. In
Soyabean futures traded lower despite strong global cues on lack of buying support. The December and January contracts on the NCEDX closed at Rs 3,355 a quintal (down Rs 18) and Rs 3,281 a quintal (down Rs 15).
In State mandis , 2-2.5 lakh bags of soyabean arrived, including 7,000 bags in Indore and 12,000 bags each in Ujjain and Dewas.
Soyameal continued to trade lower on lack of buying support both in the export and domestic market. On the Kandla port, it was quoted at Rs 28,500 a quintal, while it was Rs 26,500 in the domestic market.