Ref.Soya oil trading range for the day is 1354-1416 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6874-7214.
Soyabean dropped continuing its recent weak trend due to high production prospects.
Pressure also seen tracking weakness in overseas prices because of recent rains in the US. Midwest farms are likely to have a better soybean crop.
Russia to reduce export tax on soybeans from July 1
At the Indore spot market in top producer MP, soybean gained 11 Rupees to 7353 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 6913-7163.
Mustard seed prices remained under pressure tracking weakness in overseas prices after the rumors of reduction in import duty was proved.
However the decision to ban the adulteration of mustard oil from June 8, the demand for soybean degum and palmolein has weakened.
U.S. rapeseed production is forecast to reach a record 1.8 million tons on record area and trend yield.
In Alwar spot market in Rajasthan the prices gained 105 Rupees to end at 7325 Rupees per 100 kg.
Ref.Soya oil
Ref.Soya oil trading range for the day is 1354-1416.
Ref soyoil dropped as higher soybean output could limit edible oil imports.
Indian farmers are likely to expand their soybean planting area by more than a tenth in 2021
Edible Oil industry cautioned the government against resorting to any knee-jerk reaction of lowering import duties to cool down domestic prices
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1416.45 Rupees per 10 kgs.
CPO
CPO trading range for the day is 1103.2-1166.6.
Crude palm oil dropped as market expects an increase in production and hit by demand and lockdown concerns in Malaysia.
There are also concerns of stricter movement restrictions in Malaysia, which could implode consumption.
Malaysia has kept its May export tax for crude palm oil at 8% but raised the reference price.
In spot market, Crude palm oil dropped by -3.6 Rupees to end at 1183.4 Rupees.
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