Rmseed trading range for the day is 6765-7125 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6686-7226.
Soyabean dropped on continues profit booking after the SEA has stressed the need to impose more measures to check the excessive speculative activity
CME raises soybean maintenance margins by 14.2% to $3,825 per contract
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 -15 Rupees to 7209 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 6765-7125.
Mustard seed prices dropped after reports 100% Rapeseed Mustard has been harvested
Pressure also seen after SOPA, MOPA and SEA have written a letter to SEBI to curb futures
As per USDA, World Mustard seed production is estimated to remain steady at 689 lakh tonnes in 2020-21.
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 1358-1426.
Ref soyoil settled flat 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 1432.5 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1144.9-1196.3.
Crude palm oil gained on short covering after prices dropped earlier as demand is expected to be lower, as coronavirus infections in the country hitting a record peak
Pressure also seen due to 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.
In spot market, Crude palm oil dropped by -18.7 Rupees to end at 1221.6 Rupees.
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