Soyabean which had been trading low on weak buying support for the past few days, gained marginally to Rs 655-60 for 10 kg on improved buying support at the lower rate.
Soya solvent also ruled firm at Rs 622-26 on scattered and slack buying support. With festival purchasing in soya oil almost ending a few days back, demand in soya oil in local mandis for the past few days continues to be on lower side, leading to sluggish trend in in its prices. However, compared with its prices last week, soya oil in local mandis is more or less ruling stable.
Contrary to the bearish sentiment in the physical market, in futures, the commodity traded higher on improved buying support at lower rate.
On the NBOT, soya refined November contract closed higher at Rs 670.10 for 10 kg after opening at Rs 651 in the morning. Similarly on the NCEDX, it traded higher on rise in buying support with its November and December contracts on the NCEDX closing at Rs 685 (up Rs 14.45) and Rs 675.30 (up Rs 21.45).
With mandis in Madhya Pradesh on Monday being closed on account of ‘Choti Diwali,’ soyabean in private trading ruled stable at Rs 3,180-3,220 a quintal. Plant deliveries also declined to Rs 3,220-60 with adequate stock of soyabean lying with plants.
In futures, however, soyabean traded higher on rise in buying support at lower rate with its November and December contracts on the NCEDX closing at Rs 3,280 (up Rs 52) and Rs 3,505 (up Rs 45.50).
Arrival of soyabean in the State remained negligible on account of closure of mandis on Monday.