Soyabean trading range for the day is 6211-6461 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6211-6461.
Soyabean prices dropped tracking weakness in overseas prices as farmers begin harvesting what is expected to be a near-record crop.
The U.S. Department of Agriculture's monthly supply and demand report increased U.S. soybean production
In Marathwada, there were concerns about mosaic virus, as well as infestation of pink and American bollworm.
At the Indore spot market in top producer MP, soybean gained 132 Rupees to 8683 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 8565-8915.
Mustard seed dropped on profit booking after prices seen supported as Government has increased the MSP by 400 per quintal for RMS 2022-23.
Support also seen amid regular demand from the stockists and lowering all India arrivals.
The IGC lowered their forecast for the world rapeseed production to 70.9 million tons (-2.2 compared to July and 72.1 compared to 2020/21).
In Alwar spot market in Rajasthan the prices gained 141.6 Rupees to end at 8870 Rupees per 100 kg.
Soya oil
Ref.Soya oil trading range for the day is 1294-1344.
Ref soyoil dropped as India cuts import taxes on vegetable oils to calm prices
The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country.
India's vegetable oil imports are likely to contract for the second straight year, the Solvent Extractors' Association of India (SEA) said.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1362.75 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1090.1-1131.9.
Crude palm oil prices settled flat dragged down by prospects of growing supply from the two world’s largest producers Indonesia and Malaysia.
India cuts import taxes on vegetable oils to calm prices
Malaysia's end-August palm oil stocks surged 25% mom to 1.87 million tonnes, its highest in 14 months
In spot market, Crude palm oil gained by 0.6 Rupees to end at 1136 Rupees.
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