Decline in soybean futures re-enforces bullish circuit

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(Gujarat News Office) MUMBAI: Players were stunned as the soybean futures market bounced back today after a six per cent bullish circuit was implemented. Margin in soybean futures fell to 6 per cent from the peak on Wednesday, but the decline was due to deceptions and short-lived choices. The bullish grip was maintained.

Soybean futures were quoted at Rs 715 per kg for August futures and Rs 5 per kg for September futures. In Madhya Pradesh, the spot price of soybean was Rs 2,000 to Rs 500 in Kiev and Rs 200 to Rs 500 for plant delivery.

Meanwhile, soymeal prices rebounded in the Mumbai flour market today. The price of soymeal has gone up by Rs 1,200 to Rs 1,200 per tonne, jumping to the level of Rs 3,000 and was trading near Rs 500. Soyoil stocks rose by 30,000 tonnes to 960,000 tonnes, reaching a new seven-month high.

In US agricultural markets, soybean meal was down 3 points in overnight trade, while soybean prices were up 12 points and soybean oil was up 3 points. Cotton prices rose 18 points. In the projection this evening, soyoil prices were in the range of 5 to 6 points.

Meanwhile, in the Mumbai spot market today, the price of 10 kg of soyoil digam was Rs 150 and refined Rs 1,200. Imported palm oil prices rose to Rs. Crude palm oil CPO Kandla was priced at Rs 115. Meanwhile, in the futures market, soyoil futures rose by Rs 21 to Rs 1,210 and CPO futures by Rs 1,150 to Rs 115 this evening.

Mustard seed futures were up 1.5 to 2 percent. In Malaysia, palm oil futures rose to close at 8, 116, 17 and 114 points in various deliveries, while palm product prices rose by ૫ 15 to ૭ 16.50 today. In the Mumbai spot market, groundnut oil was trading at Rs 150, cottonseed oil at Rs 1,200, mustard at Rs 1,210 and refined at Rs 150. Sunflower was priced at Rs 1,200 and refined at Rs 150.

In the Mumbai market, the spot price of castor oil rose again today to Rs 15 per 10 kg, while the spot price of castor rose by Rs 3 per kg. In the castor futures market, the August price rose by Rs 5 to Rs 305 this evening. Producers had directed that the price of cingulum oil be fixed at Rs 150 and 15 kg at Rs 310 to 50 and that of cotton washed at Rs 15 to 120.

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