Soyabean trading range for the day is 7194-7710 - Kedia Advisory
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Soyabean
* Soyabean trading range for the day is 7194-7710.
* Soyabean dropped on profit booking after prices gained tracking rise in overseas prices amid strong demand and concerns over global supplies.
* Tight oilseed stocks have been supporting the market despite fear over diminished vegetable oil demand in India due to a surge in coronavirus cases.
* Madhya Pradesh, which had imposed restrictions on the sale of soyabean seeds outside the state, has revoked its order following protests by the Maharashtra government.
* At the Indore spot market in top producer MP, soybean gained 35 Rupees to 7875 Rupees per 100 kgs.
Rmseed
* Rmseed trading range for the day is 7373-7713.
* Mustard seed settled flat paring gains on profit booking after prices gained lifted by higher soy prices and concerns about dry Canadian planting conditions
* Support also seen as crushing as increased due to rise in mustard oil demand.
* Canada canola stocks plunge by 37.7% compared to 2020
* 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 1432-1454.
* Ref Soyoil dropped on profit booking after prices gained as concerns over tight global supplies underpinned the market.
* However upside seen limited after reports that summer oilseed crop sowing progress is very good as on date.
* There is no impact of COVID-19 pandemic situation on progress of area coverage under summer crops in the country.
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1491 Rupees per 10 kgs.
CPO
* CPO trading range for the day is 1235.1-1250.7.
* Crude palm oil dropped as pressure from rising inventories and upbeat outlook for U.S crop plantings countered a surge in May exports so far.
* Malaysia's palm oil stocks at the end of April rose 7.1% from the previous month to 1.55 million tonnes
* Crude palm oil production jumped 7% from March to 1.52 million tonnes
* In spot market, Crude palm oil gained by 10.3 Rupees to end at 1251.8 Rupees.
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