Sharp fall in soyabean futures

NEW DELHI: Soyabean futures saw a sharp fall on Tuesday. Prices were expected to be on the lower side. The demand from solvent extractors has reduced over the past few days. Market sources say total arrivals in the mandis across Madhya Pradesh were reported to be 200,000 bags (1 bag=90kg).

In Maharashtra, 100,000 bags arrived till noon while Rajasthan reported an arrival of 30,000 bags. The benchmark December futures settled down by almost 2% to close near 1344.3/quintal.

Soyabean futures at the Chicago Board of Trade fell to a two-week low on Monday, pressured by the weakness in corn and soyabean oil markets and prospects for a bigger Brazilian soya crop. Soya closed down in Argentina at $192/t in main grain port of Rosario, compared with Thursday’s 615 pesos.

Refined soyabean oil futures were down on the back of weak soyabean and weak international palm oil. The benchmark February palm oil contract in Bursa Malaysia commodity exchange closed down by 25 ringgit to 1863 ringgit. The benchmark NCDEX December refined soyabean oil futures closed near Rs.462.65/10kg down 1.21% since Saturday.