Thursday, 23 February 2012

Soybean Plunges On Strong Supplies, Weak Soya meal Export Demand Feb 23

Date : 23.02.2012


Profit taking was seen in soyabean market at higher levels due to strong stockiest selling at higher levels along with sluggish demand of soya meal. The NCDEX futures declined by almost Rs 10 per quintal in today’s trading.
As per market sources, the total daily arrivals have gained momentum in all the major mandies . The total daily arrivals were reported in the range of 2.20-2.30 lakh bags with the total arrivals of around 1.20 lakh bags in Madhya Pradesh and around 1 lakh bags in Maharashtra.
Moreover, fragile export demand of soya meal from the last one month also added some selling at higher levels. The data compiled by SEA of India stated that the total soya meal exports in January were at 4.74 lakh tonnes , down 3.50 lakh tonnes from the December month.
Consequently, the future prices of Soybean NCDEX March Benchmark contract pared Rs 10 per quintal, to trade at Rs 2585 per quintal today.
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)