Soyabean trading range for the day is 7510-7834 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 7510-7834.
Soyabean prices dropped after update that soybean registered the highest growth in their acreage in Gujarat.
Farmers have completed sowing soybean in 2.19 lakh hectare (lh), above the last year’s average acreage of 1.28 lh.
The increase in soybean sowing area comes in the backdrop of a rally in prices of all edible oils in domestic market
At the Indore spot market in top producer MP, soybean dropped -1115 Rupees to 8622 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 7298-7748.
Mustard seed dropped as arrivals in its major producing states i.e. Rajasthan, Madhya Pradesh, Uttar Pradesh and Gujarat improved.
However upside seen limited as production in Canada in 2021 expected to drop by 1.7 million tons to 16.9 million tons.
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 2022-22 marketing year (Mar-Feb), total arrivals reported were up by 309% as compared to the arrivals during the corresponding period last year.
Soya oil
Ref.Soya oil trading range for the day is 1303-1379.
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 1380.1 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1092.4-1160.4.
Crude palm oil gained lifted by forecasts showing tight supply, lower production in July and hopes of a rise in August exports.
Malaysia's palm oil stockpile at the end of July likely expanded to its highest in 10 months
The Malaysian Palm Oil Board (MPOB) is scheduled to announce July supply and demand data on Wednesday.
In spot market, Crude palm oil dropped by -1.9 Rupees to end at 1172.1 Rupees.
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