Soyabean trading range for the day is 7287-7739 - Kedia Advisory
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Soyabean
* Soyabean trading range for the day is 7287-7739.
* Soyabean prices dropped as area under soybean planting is likely to increase by 5-7% across the country this kharif season
* There has been shortage of certified seeds and they have been selling at high prices, but farmers have prepared their own seeds
* In Maharashtra, the government has claimed that there was no shortage of soybean seeds and sowing was in full swing.
* At the Indore spot market in top producer MP, soybean dropped -76 Rupees to 7493 Rupees per 100 kgs.
Mustard seed
* Rmseed trading range for the day is 6927-7193
* Mustard seed prices dropped tracking weakness in soyabean prices and overseas prices as forecasts showed favorable rains moving into the Midwest.
* U.S. rapeseed production is forecast to reach a record 1.8 million tons on record area and trend yield.
* Canada rapeseed production is projected at 20.5 million tons, up 1.5 million on greater area.
* In Alwar spot market in Rajasthan the prices gained 206 Rupees to end at 7376.5 Rupees per 100 kg.
Soya oil
* Ref.Soya oil trading range for the day is 1260-1306.
* Ref soyoil prices gained as concerns over tightening edible oil supply underpinned prices
* India has slashed the base import price of palm oil and soyoil, the government said in a statement, as prices fell in the overseas market.
* India exported 5.31 lakh tonnes of oilmeals in the first two months of the fiscal 2021-22 against 3.50 lakh tonnes in the same period a year ago
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1309.05 Rupees per 10 kgs.
Crude palm oil
* CPO trading range for the day is 997.1-1033.5.
* Crude palm oil gained as support seen as MPOA's output projections lower than expected
* India declared that the import of refined palm oil is amended from 'Restricted' to 'Free', allowing imports of the product for six months.
* Malaysia's palm oil inventories at the end of June likely hit a nine-month high as production jumped.
* In spot market, Crude palm oil dropped by -4.2 Rupees to end at 1041 Rupees.
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