Soyabean trading range for the day is 6233-6455 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6233-6455.
Soyabean prices remained supported as USDA attache sees China 2021/22 soybean imports at 101 million tonnes
In Marathwada, there were concerns about mosaic virus, as well as infestation of pink and American bollworm.
Production confidence for LIS soybeans has been increasing and there has been recent rainfall across previously drought impacted regions.
At the Indore spot market in top producer MP, soybean gained 27 Rupees to 9029 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 8584-9016.
Mustard seed gained as Government has increased the Mustard seed MSP from 4650.00 to 5050 i.e Rs.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 25 Rupees to end at 8783.5 Rupees per 100 kg.
Soya oil
Ref.Soya oil trading range for the day is 1320-1342.
Ref soyoil dropped on profit booking as India's vegetable oil imports are likely to contract for the second straight year.
However downside seen limited prices seen supported amid lingering concerns over tight supply.
Edible oil prices are likely to remain elevated till the arrival of new crop in the October-November period, industry officials said.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1400 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1117.1-1133.1.
Crude palm oil dropped hit by expectations of higher supply from major producers Indonesia and Malaysia.
Malaysia's end-August palm oil stocks surged 25% from the previous month to 1.87 million tonnes, its highest in 14 months
Indonesia's crude palm oil output in July stood at 4.1 million tonnes, up 5.4% from a year ago but down 9.5% from June
In spot market, Crude palm oil dropped by -1.5 Rupees to end at 1189.8 Rupees.
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