Soyabean trading range for the day is 7674-8072 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 7674-8072.
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 346 Rupees to 8211 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 7236-7548.
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 gained 264.75 Rupees to end at 7692.75 Rupees per 100 kg.
Soya Oil
Ref.Soya oil trading range for the day is 1332-1406.
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 1406.6 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1065.7-1117.5.
Crude palm oil prices dropped amid weaker crude prices and expectations of declining exports in the second half of July.
However, downside seen limited amid fears mounted about tightening global supplies due to a labour shortage in Malaysia.
Exports of Malaysian palm oil products for July 1-15 rose 3.8% to 682,426 tonnes from June 1-15.
In spot market, Crude palm oil gained by 20 Rupees to end at 1120 Rupees.
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