Soyabean trading range for the day is 7664-8408 - Kedia Advisory
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Soyabean
* Soyabean trading range for the day is 7664-8408.
* Soyabean prices gained amid tightening inventory situation in the country and amid slower pace of sowing.
* Government reports indicate that the weakening of rains has impacted the sowing of crops in Maharashtra, Gujarat, Rajasthan, Haryana and Punjab.
* Area sown under soybean was lagging behind last year’s area by nearly 11.05 per cent
* At the Indore spot market in top producer MP, soybean gained 11 Rupees to 8222 Rupees per 100 kgs.
Rmseed
* Rmseed trading range for the day is 7264-7518.
* Mustard seed prices gained tracking firmness in overseas prices as drought continued across the Canadian Prairies, threatening crop yields.
* The arrival of mustard in the mandis has decreased at all places in the country.
* U.S. rapeseed production is forecast to reach a record 1.8 million tons on record area and trend yield.
* In Alwar spot market in Rajasthan the prices dropped -58.75 Rupees to end at 7634 Rupees per 100 kg.
Soya oil
* Ref.Soya oil trading range for the day is 1362-1400.
* Ref soyoil dropped on profit booking after prices gained supported by lingering concerns over tight supply.
* China raised its forecast on imports of edible oils in 2020/21 marketing year, on increase of palm oil and sunflower oil shipments.
* China's 2020/21 edible oils imports were seen at 10.23 million tonnes, up 900,000 tonnes from last month's forecast
* At the Indore spot market in Madhya Pradesh, soyoil was steady at 1397.1 Rupees per 10 kgs.
Crude palm oil
* CPO trading range for the day is 1091.8-1122.8.
* Crude palm oil dropped on profit booking amid decline in July exports so far, but losses were capped by lingering concerns over tight supply.
* Export shipments from Malaysia during July 1-20 fell 7.9% to 863,586 tonnes compared with the same period in June
* The Southern Peninsula Palm Oil Millers' Association has estimated production during July 1-15 fell by 3.5% from the corresponding period in June
* In spot market, Crude palm oil gained by 4.5 Rupees to end at 1124.5 Rupees.
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