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CPO trading range for the day is 920.4-943 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 4534-4612.
Soyabean gained supported by signs of strong demand from both the domestic processing sector as well as the export market.
Support also seen after weekly soybean export sales totaled 1.234 million tonnes, topping market forecasts that ranged from 400,000 to 1.2 million tonnes.
China's soybean imports hit a record high in 2020, customs data showed, after crushers ramped up purchases amid improved margins and healthy demand
At the Indore spot market in top producer MP, soybean gained 32 Rupees to 4646 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 5547-5691.
Mustard seed gained on short covering after 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.
cIn Alwar spot market in Rajasthan the prices gained 52.15 Rupees to end at 6232.9 Rupees per 100 kg
Ref.Soya oil
Ref.Soya oil trading range for the day is 1061-1101.
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 1082 Rupees per 10 kgs.
CPO
CPO trading range for the day is 920.4-943.
Crude palm oil dropped as dismal Jan. 1-20 exports data dragged the market.
However downside seen limited as heavy rains and floods in the top two producing countries stoked supply concerns.
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 gained by 11.6 Rupees to end at 932.4 Rupees.
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