Weak BMD and lower crude soy oil CIF prices coupled with mixed overnight CBOT sentiments reflected in domestic markets. Demand for refined soy oil remained sluggish. Soybean arrivals were steady but less aggressive buying supported bearishness. Steady release of soy oil was reported from processors. Crude soy oil CIF prices remained unchanged at $685/tonne for February shipment on Tuesday. Both domestic and overseas soyoil prices are expected to be steady to easy.

Soybeans prices eased across domestic market amidst sluggish BMD and shift in Stockist’s interest to mustard. Soybean arrivals stood steady domestically with reduced offtake from crushers. However steady sentiments for soymeal in domestic market are expected to hold the prices from falling down further in near term. As soybean arrivals taper with advancing lean season and mustard arrivals improve, soymeal exports is expected to move the sentiments for beans.

 

NAFED kept mustard seeds prices unchanged on second consecutive day. Fresh arrivals of mustards seeds reported in Kota division had bearish impact. In Jaipur region, stockists released mustard seeds in good quantity ahead of new crop arrivals, resulting in overall arrivals increasing by 5,000-6,000 bags supporting bearishness. The progress of harvests in Kota division and in parts of Madhya Pradesh would further hasten bearish trend on mustard seed prices in coming days.