Soyabean trading range for the day is 4497-4591 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 4497-4591.
Soyabean dropped tracking weakness in overseas prices as rains in South American key growing areas eased worries about global supply.
Argentine soybean planting sped forward over the last week, helped by rain that moistened fields parched by months of dry weather
Losses in soybean market were limited by private sales of 136,000 tonnes of U.S. cargoes to China and 163,290 tonnes to Mexico
At the Indore spot market in top producer MP, soybean gained 32 Rupees to 4625 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 5529-5715.
Mustard seed prices dropped as India’s 2020-21 mustard crop may touch 100 lakh ton-level.
Sowing of mustard, has increased to 72.98 lakh hectare in the current Rabi whereas till last year, it was sown only in 68.15 lakh hectare.
The sowing of oilseed crops has increased to 81.80 lakh hectares in the current Rabi whereas till this time last year, it was sown only in 77.79 lakh hectares.
In Alwar spot market in Rajasthan the prices gained 52.15 Rupees to end at 6150 Rupees per 100 kg.
Ref.Soya oil
Ref.Soya oil trading range for the day is 1032-1082.
Ref soyoil prices dropped as pressure seen amid the sowing of oilseed crops has increased to 81.80 lakh hectares.
Pressure also seen tracking weakness in soyabean prices as the outbreak of bird flu may reduce the demand for soybean from the poultry industry
Soybean production is estimated at 4.135 billion bushels, down 35 million led by reductions for Minnesota, Iowa, and Kansas.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1072.6 Rupees per 10 kgs.
CPO
CPO trading range for the day is 906.7-935.5.
Crude palm oil prices dropped as tepid January exports and weak prices of rival soyoil weighed on sentiment.
Disappointing Malaysia export figures are still lingering in the market, offsetting worries of supply disruption due to heavy rain and floods.
Exports of Malaysian palm oil products for Jan. 1-20 fell 41% to 632,827 tonnes from the same period in December
In spot market, Crude palm oil dropped by -12.6 Rupees to end at 919.8 Rupees.
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