Soyabean trading range for the day is 6470-6796 - Kedia Advisory
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SOYABEAN
Soyabean trading range for the day is 6470-6796.
Soyabean prices gained on short covering after prices dropped as Indian farmers are likely to expand their soybean planting area by more than a tenth.
SFPWA has urged Prime Minister Narendra Modi to allow the processing industry to import 50,000 tonnes of food specialty soybeans from the US duty-free
China Jan-May soybean imports up 12.8% at 38.23 million tonnes
At the Indore spot market in top producer MP, soybean gained 100 Rupees to 7057 Rupees per 100 kgs.
RMSEED
Rmseed trading range for the day is 6395-6807.
Mustard seed gained as the arrival of mustard in the mandis has decreased at all places in the country.
Support also seen tracking recovery in overseas prices lifted by spillover support from soy prices due to concerns about hot, dry U.S. weather.
Canada rapeseed production is projected at 20.5 million tons, up 1.5 million on greater area.
In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 6938.75 Rupees per 100 kg.
SOYOIL
Ref.Soya oil trading range for the day is 1223-1277.
Ref soyoil gained on short covering as soyoil purchases rose by 43% to 267,781 tonnes.
The government will reduce the import duty on edible oil and decision could be made soon.
Indian farmers are likely to expand their soybean planting area by more than a tenth in 2021
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1303.15 Rupees per 10 kgs.
CRUDE PALM OIL
CPO trading range for the day is 981.7-1055.5.
Crude palm oil gained as India's palm oil imports nearly doubled in May from last year's low base to the highest level in 4-months
India's palm oil imports nearly doubled in May as refiners bought aggressively to replenish inventory.
The country's palm oil imports in the month jumped 92% to 769,602 tonnes.
In spot market, Crude palm oil dropped by -15 Rupees to end at 1043 Rupees.
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