Soyabean trading range for the day is 6758-7058 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6758-7058.
Soyabean dropped continuing its recent weak trend due to high production prospects.
Pressure also seen tracking weakness in overseas prices because of recent rains in the US. Midwest farms are likely to have a better soybean crop.
Russia to reduce export tax on soybeans from July 1
At the Indore spot market in top producer MP, soybean dropped -126 Rupees to 7227 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 6919-7085.
Mustard seed prices remained under pressure tracking weakness in overseas prices after the rumors of reduction in import duty was proved.
However 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 1351-1385.
Ref soyoil dropped as higher soybean output could limit edible oil imports.
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 1397.55 Rupees per 10 kgs.
CPO
CPO trading range for the day is 1105-1138.8.
Crude palm oil dropped as the world's second largest producer of the edible oil prepared for a two-week nationwide lockdown due to a spike in new coronavirus infections
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 -12.1 Rupees to end at 1171.3 Rupees.
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