Soyabean trading range for the day is 5518-5866 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 5518-5866.
Soyabean gained on short covering after prices seen pressure as as higher U.S. stocks weighed on the market.
Prices fell on pressure from larger-than-expected stocks reported by the U.S. Department of Agriculture (USDA).
India's soybean production is estimated to be 10 million tonnes as compared to last year's 8.9 million tonnes.
At the Indore spot market in top producer MP, soybean gained 191 Rupees to 5789 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 8383-8629.
Mustard seed gained due to deficient stocks and peak consumption season.
Mustard stocks dwindle to 30Lakh tonnes with about 5-6 months remaining for new arrival season.
Strategie Grains has increased its monthly forecast for this year's European Union rapeseed harvest to 17.03 million tonnes from 16.93 million.
In Alwar spot market in Rajasthan the prices gained 182 Rupees to end at 8682 Rupees per 100 kg.
Ref.Soya oil
Ref.Soya oil trading range for the day is 1337-1377.
Ref soyoil dropped as import of edible oil has increased due to reduction in duty, which creating pressure on prices.
Oilseeds output is expected to be down a tad at 23.38 mt
Soyabean production was affected by the patchy rains in the key producing States of Gujarat and Madhya Pradesh, respectively.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1374.35 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1158.4-1204.8.
Crude palm oil rose as polls show a slight decline in September stockpile and a slow output rise.
Palm oil stockpiles at the world’s second largest producer likely fell 0.36% to 1.87 million tonnes as skyrocketing exports offset an uptick in production.
According to a report, palm oil stockpiles in Malaysia probably eased from a one-year high, as a strong recovery in exports countered a small rise in production
In spot market, Crude palm oil gained by 27.9 Rupees to end at 1196.7 Rupees.
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