Soya declines on bonus issue

With an uncertainty looming large over payment of bonus to soybean farmers by the State government on account of imposition of an electoral code of conduct in the poll-bound Madhya Pradesh, soybean prices in Indore mandis in the past one week have crashed by 200 a quintal. On Monday, soyabean prices declined to 3,100 (3,300 last week) with availability outstripping demand. Plant deliveries were also quoted lower at 3,125 on weak physical demand in soya oil and soy meal. Soyameal also was down at 29,000 a tonne on weak domestic demand. Soya oil, on the other hand, continued to rule higher despite slack physical demand with soya refined being quoted at 765-68 for 10 kg, while soya solvent ruled at 725-30.