New crop arrivals may crush soyabean
Soyabean traded lower on weak global cues and slack demand. Amid arrivals of 70,000 75,000 bags, soyabean prices in mandis across Madhya Pradesh on Tuesday ruled at Rs 3,350 3,400 a quintal.
Besides weak global cues, scattered and selective arrivals of new crop also added to the bearish sen pandora jewelry timent.
Indore mandis today witnessed arrival of 80 bags of new soyabean and its average price was quoted at Rs 3,000 , while 500 bags of new crop were offloaded in nearby Mhow mandi and it fetched Rs 2,600 3,200 .
As mandis in Madhya Pradesh remained closed on Monday on account of Ganesh Chaturthi, arrival in the State was comparitively low with about 75,000 bags against 1.50 lakh bags last week. With the monsoon almost making an exit from Madhya Pradesh, arrival will gain pace in the coming days and it will further add to the bearish sentiment in soyabean, said a trader Mukesh Purohit.
In futures also, soyabean traded lower on weak buying support and global cues with its October and November contracts on the NCDEX closing at Rs 3,370 (down Rs 105) and Rs 3,377.50 (down Rs 98) respectively.
Plant deliveries in soyabean also ruled flat at Rs 3,500 50 .
In the domestic market soyameal was at Rs 30,100 30,200 (down Rs 1,000 from last week), while on Kandla port it ruled at Rs 32,000 (down Rs 1,000 from last week).
Soya oil also traded lower at Rs 640 45 (down Rs 20 from last week), while soya solvent declined to Rs 604 608 (down Rs 14 from last week).
In futures al