Rmseed trading range for the day is 7659-8005 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 8160-9430.
Soyabean prices dropped after update that soybean registered the highest growth in their acreage in Gujarat.
Farmers have completed sowing soybean in 2.19 lakh hectare (lh), above the last year’s average acreage of 1.28 lh
The increase in soybean sowing area comes in the backdrop of a rally in prices of all edible oils in domestic market
At the Indore spot market in top producer MP, soybean gained 191 Rupees to 10253 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 7659-8005.
Mustard seed dropped as arrivals in its major producing states i.e. Rajasthan, Madhya Pradesh, Uttar Pradesh and Gujarat improved.
However upside seen limited as production in Canada in 2021 expected to drop by 1.7 million tons to 16.9 million tons.
In 2022-22 marketing year (Mar-Feb), total arrivals reported were up by 309% as compared to the arrivals during the corresponding period last year.
In Alwar spot market in Rajasthan the prices gained 80.75 Rupees to end at 7946.5 Rupees per 100 kg.
Soya oil
Ref.Soya oil trading range for the day is 1347-1397.
Ref soyoil dropped on profit booking booking tracking weakness in soyabean prices.
However downside seen limited amid lingering concerns over tight supply.
China's 2020/21 edible oils imports were seen at 10.23 million tonnes, up 900,000 tonnes from last month's forecast.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1409.1 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1125.3-1147.3.
Crude palm oil prices dropped as Malaysia's palm oil stockpile at the end of July likely expanded to its highest in 10 months.
Inventories are seen rising for a fifth month, up 1.6% to 1.64 million tonnes from June.
To cut ballooning import bill, govt targets 3- fold increase in domestic palm oil output
In spot market, Crude palm oil gained by 0.8 Rupees to end at 1178.7 Rupees
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