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Published on 3/06/2020 3:50:03 PM | Source: Kedia Advisory

Soyabean trading range for the day is 3828-3984 - Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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Soyabean

* Soyabean trading range for the day is 3828-3984.

* Soyabean prices gained as support seen on news of countries beginning to ease lockdown measures has enabled prices to show some signs of recovery

* Support also seen on news of US export sales to China, and US soyabean planting figures lagging behind industry estimates.

* In the May’20 WASDE report by USDA, the US 2020/21 soybean area is projected at 83.5 million acres compared to 76.1 million acres in 2019/20.

* At the Indore spot market in top producer MP, soybean gained 17 Rupees to 3949 Rupees per 100 kgs.

 

Rmseed

* Rmseed trading range for the day is 4529-4693.

* Mustard seed prices gained as farmers sold their stock at the government procurement centres, lowering supply in spot markets

* In recent session prices gained because of lower-than-expected supply of fresh crop in spot markets following restrictions due to coronavirus scare

* The European Commission reduced its monthly forecast for 2020/21 rapeseed production on an EU-27 basis not including Britain to 15.62 million tonnes In Alwar spot market in Rajasthan the prices gained 103 Rupees to end at 4952 Rupees per 100 kg

 

Ref.Soya oil

* Ref.Soya oil trading range for the day is 792-826.

* Ref soyoil prices gained as support seen after update India's vegetable oil imports are likely to surge from June onwards.

* Prices also seen supported due to the pick up in spot demand following relaxations in the lockdown

* India's vegetable oil imports in June could rise to 1.14 million tonnes, up from an average of 865,000 tonnes during April-May.

* At the Indore spot market in Madhya Pradesh, soyoil was steady at 813.6 Rupees per 10 kgs.

Crude palm oil

* CPO trading range for the day is 637.8-682.8.

* Crude palm oil gained supported by expectations of lower May output

* Palm oil production in parts of Malaysia for the month of May fell 5.6% from the month before.

* The market is now awaiting the release of the MPOA’s May production data and is expecting a decline from previous estimates of an 11% monthly rise.

* Malaysia, slashed the June palm oil export duty to zero, lowering its price against rival Indonesian palm.

 

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