Soyabean and its oil ruled steady at Indore mandis on slack demand and weak global cues. Soyabean ruled at Rs 3,500-3,650 a quintal on Monday (Rs 3,500-3,700 last week). Besides weak demand in the physical market, lack of buying support in domestic and export markets, also contributed to the sluggish trend in soyabean, Mukesh Purohit, a local soybean trader told Business Line .
In the futures market, however, soyabean was mixed with January contracts on the NCDEX closing at Rs 3,605.50 a quintal (down Rs 14), while February contracts closed at Rs 3,627 (down Rs 25). Plant deliveries for soyabean also declined by Rs 100 a quintal to Rs 3,700-3,750 in the last one week.
Arrival of soyabean in mandis across Madhya Pradesh on Monday was recorded at 75,000-80,000 bags, of which, 3,000-3,500 bags were offloaded in Indore mandis.
Soya oil also traded low on weak global clues and slack demand in the physical market, with soya refined declining to Rs 645-52 for 10 kg (Rs 655-Rs 658 last week). Similarly, soya solvent declined to Rs 592-95 ( Rs 598-602 last week).
In the futures market, soya oil dJanuary and February contracts on the NCDEX closed lower at Rs 678.50 for 10 kg (down Rs 1.80) and Rs 671.60 (down Rs 3.80).
Traders hope that demand for soyabean and soya oil will revive after the end of the inauspicious month ( malmaas ). Besides, a revival in demand in soymeal will also lift soyabean and soya oil prices.
A sluggish trend continued in soyameal, with prices in the domestic market quoted at Rs 33,000 (down Rs 1,000 from last week), while it ruled at Rs 32,000 in the domestic market.