Bearish trend continued in soyabean futures on the heels of
strong domestic production estimates along with comfortable edible stocks in
physical mandies. The NCDEX futures pared around Rs 82 per quintal today.
As per the latest crop estimates by Soyabean Processors
Association of India ( SOPA ), the domestic soyabean production for the year
2012 is projected at 126.76 lakh tonnes, up 11.76 lakh tonnes from the last
year. This is mainly due to strong sowing acreage along with better yield.
Moreover, the total availability of edible oil till 25th October is estimated
at around 10-11 lakh tonnes . This might reduce the soyabean crushing in the
near term.
The total arrivals of soyabean decreased by 1.05 lakh bags
to 1.80 lakh bags in major mandies today. The spot prices of soyabean were
quoting at around Rs 3250-3280 per quintal at Indore mandi, Rs 3170-3190 per
quintal at Nanded mandi and Rs 3235-3250 per quintal at Latur mandi.
The NCDEX November futures closed at Rs 3239 per quintal,
down Rs 82 per quintal in last trading. The contract added almost 1000
positions in open interest indicating new short selling by traders.
1 comments:
Soyabean prices dropped on robust supplies in the global market and weak demand for Indian meal.
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