Spot prices of refined soy oil remained subdued on poor demand and low trade activities amidst Muharram holiday. Weak BMD/overnight CBOT and sharp decline in crude soy oil CIF rates contributed to bearishness. Reports of bird flu in Russia added to bearish sentiments. The CIF prices for crude soy oil quoted at $672/tonne to $677/tonne for February shipment on Tuesday. Traders are expecting further weakness on lack of fresh demand.

NCDEX soy oil futures closed at Rs. 450.15/10kg, Rs 0.9 lower compared to the previous close.

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450.15

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Trade activities remained sluggish across domestic markets on Muharram. In MP bean prices improved marginally by Rs. 5 on sharply lower arrivals at 15,000-20,000 bags with steady offtake from resellers. Mixed CBOT and weak BMD induced bearish impact. Reports of bird flu in Russia added to bearishness. Meal demand remained weak in domestic market and on ports.

The NCDEX March contract closed at Rs 1426.05/qtl, Rs 10.25 lower than the previous closing level.

Due to Muharram trade activities remained sluggish and no selling of mustard seed was reported from Nafed. Stockists and resellers dominated the market and sold at higher prices to yesterday while overall arrivals declined resulting in improved sentiments. The projected production [2006-07] for mustard is lower at 58.5 lakh tonnes in comparison with 67.7 lakh tonnes for 2005-06, owing to delay in sowing and higher temperatures supported bullish sentiments.

The NCDEX February contract closed at Rs 369.3/20 Kg, Rs 1 higher than the previous close.

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