Soyabean trading range for the day is 4829-4897 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 4829-4897.
Soyabean prices traded in range after the USDA projected 2021 U.S. plantings above trade expectations.
The USDA forecast 2021 U.S. soybean plantings at 90 million acres, above the average estimate for 89.4 million and up from 83.1 million in 2020.
Pressure seen after WASDE report showed bigger soybean carryout than estimated.
At the Indore spot market in top producer MP, soybean gained 32 Rupees to 5050 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 5231-5367.
Mustard seed prices dropped as pressure seen after update that year on year, the planted area of mustard has increased by 6.7 percent approximately.
The mustard sowing was excellent this year and production is expected to be better with favorable weather.
The arrival of new crops has started increasing in the mandis.
In Alwar spot market in Rajasthan the prices gained 52.15 Rupees to end at 6474.25 Rupees per 100 kg.
Ref.Soya oil
Ref.Soya oil trading range for the day is 1125-1153.
Ref soyoil gained after support seen as extreme cold weather in key U.S. growing areas
Support also seen amid higher demand for edible oils amid winter season and lower imports of Soybean oil in the recent months.
The growth may be limited as US soy oil export sales are not encouraging.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1150 Rupees per 10 kgs.
CPO
CPO trading range for the day is 1015.6-1055.
Crude palm oil gained amid buying from major consumers China and India and lower production from Malaysia and Indonesia
However upside seen limited on fears of lower demand and as Malaysia raised its reference price for March export tax.
India has raised the base import price of crude palm oil by $32 to $1,045 per tonne.
In spot market, Crude palm oil dropped by -1.1 Rupees to end at 1035 Rupees.
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