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Soy Oil Trades Lower in MP on Sluggish Demand, Weak Global Cues

30 Sep 2020 7:00 pm
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Mumbai Commodities Control: Sluggish trend continued in soy oil in Indore and other mandis across Madhya Pradesh on weak global cues and physical demand.

Decline in buying support at higher rates added to bearish sentiment in soy oil with soy soy refined today declining to Rs 898-Rs 900, while soy solvent ruled at Rs 850-55 for 10 kg.

With rise in arrival of new crop, soy oil's plant rates also declined with soy refined Mahakali today being quoted at - Rs 910, Prakash - Rs 900, Keshav/Bajrang - Rs 901 for 10 kg each, soy refined Vippy - Rs 902, Bajrang - Rs 901, Gambuja - Rs 915, Avi (Ujjain) - Rs 900, soy refined MS Pachore was quoted at Rs 900, Neemuch (MS Solvex) - Rs 893, (Dhanuka) - Rs 890, Amrit (Mandsaur) - Rs 895, Khandwa - Rs 905, Itarsi - Rs 906, Nimbhara - Rs 898, while soy refined Kalapipal (Ambika) declined to Rs 900 for 10 kg respectively.

Plant deliveries of soybean were quoted lower at Rs 3900 a quintal, while soybean seeds were quoted at Rs 3800-Rs 3850 a quintal. In Neemuch, soybean ruled at Rs 3830 a quintal. Soy DOC was quoted at Rs 32,500-Rs 33,000 a ton on improved domestic demand in hypro.

According to Sanjay Agrawal, ‘due to moisture in new soybean crops and closure of mandis, farmers are constrained to sell their crops at lower rates. In Khandwa, new soybeans were quoted as low as Rs 2500 a quintal.’

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