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Notwithstanding speculators pushing up soyabean and soya oil prices on the NCDEX, both soyabean and soya oil continued to trade low in local mandis on weak physical demand.
Amidst arrival of 75,000 bags in mandis across Madhya Pradesh, soyabean prices across the State on Monday ruled at ₹3,600-3,700 a quintal. Slack demand in soyameal also added to sluggish trend in soyabean.
With soyabean prices declining substantially in the past fortnight and on account of harvesting of wheat, farmers have restricted supply of soyabean in State mandis, said Mahesh Purohit, a local soya oil manufacturer.
Soyabean prices traded higher in the futures with speculators pushing up its prices on the NCDEX. February and March contracts closed at ₹3,995 (up ₹25) and ₹3,965 (up ₹27). Plant deliveries also declined marginally to ₹3,900-4,020 amid slack demand from crushers.
Despite strong foreign support, soya oil also traded low on slack physical demand with soya refined on Monday being quoted at ₹658-60, while soya solvent ruled at ₹610-15. In futures, however, soya oil traded higher on strong foreign with its February and March contracts on the NCDEX closing at ₹695.95 (up ₹25) and ₹692.50 (up ₹27.50).
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