Soybean prices declined sharply yesterday on back of fall in spot prices of soybean as well as mustard.
Substantial increase in prices in the near past prompted the traders to liquidate their positions at futures. CBOT soybean prices gained in line in unison with the maize and wheat on supply constraints.
Soy oil prices ended lower yesterday owing to weakness prevailing in demand across the spot markets. Absence of buyers at higher spot prices kept spot prices under pressure and same impact can be seen on futures as well.
CBOT soy oil prices ended marginally higher as the supply side constraints still prevailed in prices.
Mustard seed prices declined in line with soy complex as arrivals increased across spot markets. Arrivals increased to 100000 bags across spot markets in India. Spot prices declined by around 500/tons yesterday which kept prices under pressure.
Courtesy: Karvy Comtrade Ltd.
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