Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
12,086.70114.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

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.

, ET Bureau|
Oct 24, 2019, 09.40 AM IST
0Comments
Getty Images
soyabean-getty
The current price of ₹3,700 per 100 kg in the mandis of Indore is 15 per cent higher year-on-year.
Soyabean futures are expected to trade higher in the coming days on expectations of lower supplies and greater demand by oil millers and stockists.

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.”

Also Read

Board Meetings Today: Globus Spirits, PPAP Automotive, Raj Oil Mills, Jumbo Finance and RCL Retail

Raj Oil Mills sold with 46 per cent haircut

Puri Oil Mills to invest Rs 210 crore in four hydropower projects in Haryana

Major fire in Ashapur oil mill, no casualties reported

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service