23/02/2011 (India Infoline Ltd.) - Soyabean prices in domestic market is likely to remain supportive in the coming days due to receding stocks of soya bean in major mandies against strong crushing demand from soya oil millers.

As per market sources , around 41 lakh tonnes of soya bean has been crushed ( almost 75% of the total crop ) and around 8 lakh tonnes will also be crushed at the end of the February. Therefore , the total availability of soya bean will reduce to 20-25 lakh tonnes at the beginning of the festival season starts from September month.

Moreover, traders also mentioned that soya bean crushing will continue to gain momentum due to strong prices of other edible oil such as mustard oil , RBD palm oil over soya oil. The domestic prices of soya oil were trading at Rs. 57 per kg while other edible oil such as RBD palm oil and mustard oil were trading higher at Rs. 59.50 and 61.50 per kg at Mumbai port.

Therefore , the spot prices of soya bean at Indore mandi might trade in the range of Rs. 2350-2500 per quintal in the coming days . The spot prices of soya bean at Indore mandi were currently trading at Rs. 2440-2450 per quintal.