Soyabean trading range for the day is 6689-7053 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6689-7053.
Soyabean gains as support seen after update late arrival of southwest monsoon rains in India may delay sowing of crops
Farmers generally wait for the monsoon to start before they begin planting soybeans.
According to the third advance estimate, the total production of oilseeds in the country during 2020-21 is estimated to be a record 36.57 million tonnes
At the Indore spot market in top producer MP, soybean dropped -1 Rupees to 7226 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 6952-7150.
Mustard seed gains as support seen after COOIT was against any reduction in import duties on edible oils
The decision to ban the adulteration of mustard oil from June 8, the demand for soybean degum and palmolein has weakened.
U.S. rapeseed production is forecast to reach a record 1.8 million tons on record area and trend yield.
In Alwar spot market in Rajasthan the prices gained 105 Rupees to end at 7325 Rupees per 100 kg.
Ref.Soya oil
Ref.Soya oil trading range for the day is 1352-1436.
Refined soyoil prices gained after reports that reduction in import duty for edible oil should be postponed.
Indian farmers are likely to expand their soybean planting area by more than a tenth in 2021
Edible Oil industry cautioned the government against resorting to any knee-jerk reaction of lowering import duties to cool down domestic prices
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1403.4 Rupees per 10 kgs.
CPO
CPO trading range for the day is 1093.8-1169.6.
Crude palm oil gained underpinned by concerns over supply of rival edible oils
Palm oil plantations will be allowed to operate while manufacturing sector are allowed to operate with reduced capacity.
Market expects an increase in production and hit by demand and lockdown concerns in Malaysia.
In spot market, Crude palm oil dropped by -7.2 Rupees to end at 1155.3 Rupees.
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