Refined soya oil prices fell by 85 paise to Rs 754 per 10 kg in futures trade on Monday as speculators reduced holdings amid subdued demand at the spot market.
On the National Commodity and Derivatives Exchange, refined soya oil for delivery in October declined by 85 paise, or 0.11 per cent, to Rs 754 per 10 kg with an open interest of 20,670 lots.
Similarly, the oil for delivery in December shed 75 paise, or 0.1 per cent, to Rs 754 per 10 kg in 24,410 lots.
Analysts said offloading of positions by speculators on low demand against adequate stocks position influenced refined soya oil prices here.
Soybeans futures charged out of the weekend to finish Monday 4 to 4 1/2 cents higher, riding the winter weather rally. Parts of the Dakotas saw up to 2 feet of snow in last week’s storm.
Soybean meal lost $0.90/ton, while soy oil closed Monday up 7 points. Traders are expecting Tuesday’s Crop Progress report to show soybean harvest as of 10/14 at 25-26%, which would be 11% behind last year and 23% behind the average.
A Reuters survey suggests September NOPA crush will be around 162 million bushels. It should be down from August (168 mbu) due to 1 less processing day and some plant downtime ahead of harvest.
Brazilian planting is 9.5% completed vs. the 5 year average of 12.4%, according to a firm called ARC Mercosul quoted on Eikon.