Soyabean trading range for the day is 6977-7371 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 6977-7371.
Soyabean prices gained after Edible Oil industry cautioned the government against resorting to any knee-jerk reaction of lowering import duties
China's April soybean imports from Brazil surge from previous month
Brazil's Abiove sees 2021 soybean exports at record 85.6 million tns
At the Indore spot market in top producer MP, soybean gained 168 Rupees to 7470 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 6991-7181.
Mustard seed prices gained after COOIT was against any reduction in import duties on edible oils.
COOIT wanted the Centre to remove the GST of 5 per cent on mustard seed and oil as it will help farmers and consumers both.
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 1389-1435.
Ref soyoil gained on short covering tracking rise in soyabean prices after seen pressure 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
Global oilseed production is forecast to grow 5 percent in 2021/22, primarily on growth in soybean output in the United States and South America.'
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1436.35 Rupees per 10 kgs.
CPO
CPO trading range for the day is 1185.3-1203.9.
Crude palm oil gained as Malaysia's palm exports during May 1-20 rose 16% month-on-month.
However upside seen limited hit by demand and lockdown concerns in Malaysia.
Malaysia has kept its May export tax for crude palm oil at 8% but raised the reference price
In spot market, Crude palm oil dropped by -0.9 Rupees to end at 1206 Rupees.
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