Prices for refined soy oil remained mixed in the physical markets on sluggish demand. In Mumbai and Hyderabad, soy oil prices stood range bound on steady supply/demand while fresh buying from resellers supported bullish sentiments in Indore and Kota. Firm sentiments at BMD and CBOT had spill over impact domestically. Crude soy oil CIF prices increased sharply and quoted at $680/tonne against previous closing of $672 for February shipment on Wednesday. In coming days soy oil prices are likely to be steady to bearish on pressure from cheaper substitutes like palm oil, cottonseed oil, etc.

Soybeans arrivals improved across domestic market as most of mandis remained closed yesterday due to Muharram. Improved demand for soymeal at ports reflected similar sentiments in the physical market resulting good offtake of beans by solvent extraction units supported bullishness. Rates for beans firmed up in Rajasthan owing to demand from local processors. Strengthening crude palm oil futures at BMD and soy futures at CBOT supported bullish sentiments.

The NCDEX March contract closed at Rs 1438/qtl, Rs 10.05 up over previous closing level.

NAFED has revised mustard seed prices higher uniformly across the spot markets. The new rates quoted by NAFED stood at Rs 1730/quintal against previous rate of Rs. 1725/qtl for Jaipur region and for rest of the centres it stood at Rs 1680/qtl as compared to previous at Rs. 1675/qtl for seeds stocked during 2005-06 season. Seasonal and festive demand supported offtake of seeds by millers and crushers at current prices, amidst dwindling seed stock with NAFED and reports of delayed new crop harvest. The NCDEX February contract closed at Rs 372.3/20 Kg, Rs 2.75 higher than previous day’s closing price levels.