Soyabean trading range for the day is 7188-8518 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 7188-8518.
Soyabean prices gained tracking rise in overseas prices supported by fresh U.S. soy export sales.
The USDA confirmed private sales of 132,000 tonnes of new-crop U.S. soybeans to China and another 130,000 tonnes to unknown destinations.
Brazil's crop supply agency, Conab, slightly raised its estimate of Brazil's 2020/21 soybean harvest to 135.978 tonnes, from 135.912 million seen in July.
At the Indore spot market in top producer MP, soybean gained 228 Rupees to 8850 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 7541-7911.
Mustard seed gained as production in Canada in 2021 expected to drop by 1.7 million tons to 16.9 million tons.
However upside seen limited as arrivals in its major producing states i.e. Rajasthan, Madhya Pradesh, Uttar Pradesh and Gujarat improved.
In 2022-22 marketing year (Mar-Feb), total arrivals reported were up by 309% as compared to the arrivals during the corresponding period last year.
In Alwar spot market in Rajasthan the prices gained 103 Rupees to end at 7737 Rupees per 100 kg.
Soya oil
Ref.Soya oil trading range for the day is 1341-1397.
Ref soyoil ended with gains supported by lingering concerns over tight supply.
However upside seen limited as update India's imports of sunflower oil could rise to a record in 2021/22
India is the world's biggest importer of edible oils and higher purchases of sunflower oil could help exporters such to dispose of surplus output.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1393.4 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1133-1189.8.
Crude palm oil gained as importing nations stockpile the edible oil, with bullish Malaysian Palm Oil Board data expected to provide further support.
Malaysia's end-July palm oil end-stocks fell 7.3% from June to 1.5 million tonnes
India to launch $1.48 bln plan to raise oilseed output, cut imports
In spot market, Crude palm oil gained by 16.9 Rupees to end at 1189 Rupees.
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