Low supplies, demand by oil mills may raise soya prices
However, prices on the NCDEX for January delivery are 3 per cent lower than those a year ago.
The current price of ₹3,700 per 100 kg in the mandis of Indore is 15 per cent higher year-on-year. However, prices on the NCDEX for January delivery are 3 per cent lower than those a year ago. Manufacturers and traders said that new crop has started arriving from Rajasthan and Madhya Pradesh while rains disrupted the harvest in Maharashtra.
“The current rains in Maharashtra are worrisome as they will damage yield and quality of the crop,” said Davish Jain, chairman, Soybean Processors Association of India (SOPA). “This year we were looking at 20 per cent less crop than the previous year, at 90 lakh tonnes. The figures can further drop. This will ensure prices remain firm in the short- to medium-term.”
In Sanyogita Ganj mandi of Indore, NK Agarwal of Bihari Lal Nand Kishore Traders said that solvents plants and stockist were buying whatever little quantity was arriving in the mandis. “Looking at the speedy buying by stockists we are sensing that the market is expected to remain strong till next year.”