Ref.Soya oil trading range for the day is 1355-1457 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6922-7894.v
Soyabean prices dropped on profit booking after CME raises soybean maintenance margins by 14.2% to $3,825 per contract
Prices rallied in recent session on concerns about tightening global grain supplies triggered short-covering and fund-driven buying.
The domestic 2020-21 soyabean crop would at best be 100 lakh tonnes, far less than the government estimate of 137 lt.
At the Indore spot market in top producer MP, soybean dropped -102 Rupees to 7710 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 6827-7565.
Mustard seed prices dropped on profit booking after SOPA, MOPA and SEA have written a letter to SEBI to curb futures, as there is speculation in it.
MOPA has said that a six percent circuit instead of four percent is making it difficult to run oil mills as prices are changing rapidly, so it should be reduced to two per cent.
Prices rallied in recent sessions as crushing as increased due to rise in mustard oil demand.
In Alwar spot market in Rajasthan the prices dropped -206 Rupees to end at 7325 Rupees per 100 kg.
Soya oil
Ref.Soya oil trading range for the day is 1355-1457.
Ref soyoil ended with losses on profit booking after reports that summer oilseed crop sowing progress is very good as on date.
There is no impact of COVID-19 pandemic situation on progress of area coverage under summer crops in the country.
Oilseeds 10.45 lakh ha area against 9.03 lakh ha area of last year, thus increase in area coverage by 1.41 lakh ha.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1449.05 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1165.8-1251.4.
Crude palm oil dropped on profit booking as higher-than-expected inventories and production weighed on the market.
The weakness is mainly due to higher crop output and rising inventories in Malaysia and bearish news from the biodiesel market.
The Southern Peninsula Palm Oil Millers' Association in Malaysia estimated production during April 1-20 will be unchanged from the previous month.
In spot market, Crude palm oil dropped by -2.5 Rupees to end at 1234 Rupees.
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