Soyabean trading range for the day is 6250-6580 - Kedia Advisory
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Soyabean
* Soyabean trading range for the day is 6250-6580.
* Soyabean prices dropped on profit booking after CME raises soybean futures (s) maintenance margins by 11.7% to $3,350 per contract
* Some support seen at lower level as concerns about near-term supply were stoked by harvesting delays in Brazil
* Support also seen on concerns about U.S. supplies dwindling due to strong export demand and smaller-than-expected plantings.
* At the Indore spot market in top producer MP, soybean gained 40 Rupees to 6607 Rupees per 100 kgs.
Mustard seed
* Rmseed trading range for the day is 5864-6344.
* Mustard seed gained after consultancy Strategie Grains lowered its forecast for the 2021 rapeseed harvest European Union to 16.8 million tonnes.
* The arrival of mustard in the mandis was increasing from 10 to 11 lakh bags till a few days ago, now the arrivals are being less than eight to nine lakh bags.
* The Haryana government starts purchasing at the minimum support price.
* In Alwar spot market in Rajasthan the prices gained 40.5 Rupees to end at 6140.5 Rupees per 100 kg.
Soya oil
* Ref.Soya oil trading range for the day is 1295-1349.
* Ref Soyoil gained tracking rise in soyabean prices after the U.S. Department of Agriculture's plantings forecast for 2021 fell below most trade expectations.
* Support also seen due to tightening global supplies.
* Export of oilmeals jumped 205% year-on-year in February to 393,309 tonne, compared with 128,761 tonne
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1332.65 Rupees per 10 kgs.
Crude palm oil
* CPO trading range for the day is 1101.7-1173.7.
* Crude palm oil prices rallied tracking strong rival soyoil and on expectations of sustained tight supply.
* Production in March likely rose 21% month-on-month while export volumes probably grew 25%
* Sri Lanka bans palm oil imports, tells producers to uproot plantations
* In spot market, Crude palm oil gained by 7.4 Rupees to end at 1177 Rupees.
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