Soybean price declines; refined soy oil, coriander futures gain

NEW DELHI: Soybean price declined on Tuesday amid weak demand in the spot market. NCDEX soybean futures for April delivery dropped by Rs 33, or 0.51 per cent, to Rs 6,423 per quintal in 44,375 lots.

The main reason behind the slump in soybean prices in the futures market was trimming down of orders by participants amid low demand in the spot market, sources said.

Rates of the May contracts declined by Rs 20, or 0.31 per cent, to Rs 6,337 per quintal in 1,04,145 lots.

Refined soy futures move higher
Refined soya oil futures rose by Rs 2.3 to Rs 1,316 per 10 kg during the session, as speculators raised bets. NCDEX refined soy oil futures for April delivery increased by Rs 2.3 or 0.18 per cent to Rs 1,316 per 10 kg in 34,930 lots. The May contract appreciated by Rs 2.4 or 0.18 per cent to Rs 1,301.9 per 10 kg in 24,800 lots.

Market experts said the increase in bets by traders mainly led to the rise in refined soy oil rates in the futures market.

Coriander rates also rose in the spot market. Speculators raised their bets in view of strong demand in the spot market, lifting coriander futures by Rs 202 or 2.81 per cent to Rs 7,398 per quintal in 3,685 lots.

Experts said strengthening trend in the spot market and limited supply from the producing regions boosted the prices of the commodity. The May contract of coriander gained by Rs 218, or 3 per cent, to Rs 7,484 per quintal in 6,695 lots.

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