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Soya oil trading range for the day is 1216-1306 - Kedia Advisory
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Soyabean
* Soyabean trading range for the day is 5635-5903
* Soyabean prices gained after reports that Chinese soybean imports forecast to hit record high
* Support also seen after update in Madhya Pradesh thunderstorm and rain likely for next three to four days and weather will deteriorate again.
* The USDA estimates China’s soybean imports for the 2021-22 marketing year is expected to hit a record high of 100 million tonnes.
* At the Indore spot market in top producer MP, soybean dropped -18 Rupees to 5936 Rupees per 100 kgs.
Mustard Seed
* Rmseed trading range for the day is 5665-5813.
* Mustard prices gained as India's 2020-21 mustard seed production seen at 89.50 lakh tons
* Rajasthan, has a mustard crop on about 25 lakh hectares this year.
* Canada’s total canola, production in 2021-22 is forecast to fall on reduced processing of canola seed due to lower seed supply.
* In Alwar spot market in Rajasthan the prices dropped -20 Rupees to end at 5700 Rupees per 100 kg.
Soya Oil
* Ref.Soya oil trading range for the day is 1216-1306.
* Ref soyoil prices dropped on reports the government may lower import duty on edible oil to reduce prices
* Cabinet minister Piyush Goyal said in parliament government is watching edible oils and may take step to control high prices.
* India's vegetable oil imports dropped nearly 25% on year to around 838,607 tn in February,
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1296.5 Rupees per 10 kgs
Crude palm oil
* CPO trading range for the day is 1080.1-1160.1.
* Crude palm oil prices dropped as demand concerns and expectations of higher production further weighed on the market
* Pressure also seen after reports that cabinet minister Piyush Goyal said in parliament government is watching edible oils and may take step to control high prices.
* March production is likely to increase between 25% and 30%, and the market is also expecting double-digit growth in April
* In spot market, Crude palm oil dropped by -1.2 Rupees to end at 1144.8 Rupees.
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