Profit taking was seen in soyabean market at higher levels due to strong stockiest selling at higher levels along with sluggish demand of soyameal. The NCDEX futures declined by almost Rs 10 per quintal in today's trading.
As per market sources, the total daily arrivals have gained momentum in all the major mandies . The total daily arrivals were reported in the range of 2.20-2.30 lakh bags with the total arrivals of around 1.20 lakh bags in Madhya Pradesh and around 1 lakh bags in Maharashtra.
Moreover, fragile export demand of soyameal from the last one month also added some selling at higher levels. The data compiled by SEA of India stated that the total soyameal exports in January were at 4.74 lakh tonnes , down 3.50 lakh tonnes from the December month.
Consequently, the future prices of Soyabean NCDEX March Benchmark contract pared Rs 10 per quintal, to trade at Rs 2585 per quintal today.
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