Soyabean trading range for the day is 6376-7078 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6376-7078.
Soyabean gained 6% to cross 6800 level as concerns over lower U.S. planting and rain-delayed harvest in Brazil supported prices.
European Union soybean imports in the 2020/21 season that started last July had reached 11.20 million tonnes by April 4
The USDA pegged global soybean stocks at 86.87 million tonnes, compared to the trade's estimate of 83.52 million tonnes
At the Indore spot market in top producer MP, soybean gained 350 Rupees to 7070 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 6144-6680.
Mustard seed prices gained as crushing as increased due to rise in mustard oil demand.
A total of 1.2 million tonnes of mustard crushing occurred in the country in March 2021 compared to 5.50 lakh tonnes in the month of February.
The stock of mustard with farmers is estimated to be 62.50 lakh tonnes and processors and stockists have a stock of six lakh tonnes of mustard.
In Alwar spot market in Rajasthan the prices gained 303 Rupees to end at 6500.5 Rupees per 100 kg.
Soya oil
Ref.Soya oil trading range for the day is 1282-1326.
Ref soyoil prices gained tracking 6% rise in soyabean prices but upside seen limited as the government is likely to review edible oil prices soon.
The food ministry has sent a proposal to the Empowered Group of Ministers to review edible oil prices, and a meeting may be called soon.
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 1344.8 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1103.3-1152.1.
Crude palm oil dropped as weakness in rival soybean oil and expectations of higher production weighed on the market.
MPOB data showed end-March palm oil stocks rose 10.7% from the previous month to 1.45 million tonnes.
Inventories jumped more than expected to a four-month high, boosted by higher imports and production, but a surge in exports kept domestic supply in check.
In spot market, Crude palm oil dropped by -9.3 Rupees to end at 1170 Rupees.
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