Soyameal gains flavour on export demand

OUR CORRESPONDENT, THE HINDU BUSINESS LINE
INDORE, MARCH 26:
A rise in the prices of soya de-oiled cake or soyameal and strong foreign markets on Monday perked up soya oil and soyabean in mandis here. Improved buying support in the export market perked up soyameal in Kandla port on Monday by Rs 200 to Rs 22,700 a quintal, while it was quoted at Rs 21,800 in the domestic market.

With only 50,000 bags of soyabean being offloaded in Madhya Pradesh, prices here ruled higher at Rs 2,750-2,830 a quintal. While 3,500 bags arrived here, 4,000 arrived in Dewas. Plant deliveries of soyabean also gained Rs 20 to Rs 2,905-2,925 a quintal on improved buying support in the export market. Beside improved demand for soyameal, bullish soya futures also lifted soyabean prices in the physical market.

Speculation pushed up soyabean futures, with prices breaching Rs 3,000. Soyabean's March and April contracts on the National Commodity and Derivatives Exchange (NCDEX) closed at Rs 2,997 a quintal (up Rs 22) and Rs 3,047 (up Rs 32).

Soya oil ruled higher on strong global cues. Soya refined ruled at Rs 705-712 a quintal (Rs 703-707) on scattered buying support. Soya solvent ruled at Rs 775-778 a quintal (Rs 770-775). Buying support for soya oil, however, remained weak at the higher rate. Soya oil futures also ruled higher on strong foreign markets, with soya refined April contract on the National Board of Trade closing at Rs 750.80 for 10 kg. On the NCEDX, soya oil's April and May contracts closed at Rs 750 for 10 kg (up Rs 3.05) and Rs 4.24 up at Rs 751.24 for 10 kg.