Soyabean trading range for the day is 7230-7440 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 7230-7440.
Soyabean gains amid concerns over global supplies and prospects of a strong economic recovery in 2021.
Global oilseed production is forecast to grow 5 percent in 2021/22
Soybean production is forecast to rise 23 million tons to 386 million, a 6-percent increase.'
At the Indore spot market in top producer MP, soybean dropped -98 Rupees to 7777 Rupees per 100 kgs.
Rmseed
Rmseed trading range for the day is 7201-7451.
Mustard seed prices dropped on profit booking after U.S. rapeseed production is forecast to reach a record 1.8 million tons on record area and trend yield.
Pressure also seen as Canada rapeseed production is projected at 20.5 million tons, up 1.5 million on greater area.
European Union rapeseed production is projected to show a modest gain in 2021/22 on increased planted area and improved 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 1446-1478.
Ref soyoil gained as concerns over tight global supplies underpinned the market.
Support also seen as vegetable oils import, including both edible and non-edible oils, increased 32 per cent during April this year.
According to SEA, 1.05 million tonnes (mt) of vegetable oils were imported in April 2021 compared with 798,715 tonnes in the same period a year ago.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 1496 Rupees per 10 kgs.
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CPO
CPO trading range for the day is 1232.9-1271.7.
Crude palm oil gained as tightening edible oil supplies across the world underpinned prices.
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 21 Rupees to end at 1272.8 Rupees.
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