Oilmeal demand drives soya, its oil to record

OUR CORRESPONDENT, THE HINDU BUSINESS LINE
INDORE, APRIL 30:
With soyameal prices increasing by Rs 3,000 a quintal in the last one week, soyabean and soya oil prices increased to new record on Monday. Weak arrivals added to the trend.

There has been a surge in demand for soyameal from Iraq and Iran, leading to an overall bullish trend.

Soyabean prices in ruled at Rs 3,400-3,500 a quintal across mandis on Monday. In Indore mandis, soyabean ruled at Rs 3,470-3,540 a quintal amid arrivals of 2,000 bags. The total volume of arrival in Madhya Pradesh was 40,000 bags.

Plant deliveries in soyabean ruled higher at Rs 3,575-3,600 (up Rs 25). In the futures market, May and June contracts closed at Rs 3,624 a quintal and Rs 3,680 a quintal, respectively.

Soyameal quoted at Rs 30,000-30,100 a tonne at Kandla port (Rs 29,500-29,700). Soya refined ruled at Rs 732-35 for 10 kg(Rs 735-38), while soya solvent ruled at Rs 702-6 for 10 kg (Rs 702-4). Soya refined oil May contract on the NBOT closed Rs 3.20 lower at Rs 775.30 for 10 kg.