Soyabean trading range for the day is 8467-10007 - Kedia Advisory
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Soyabean
Soyabean trading range for the day is 8467-10007.
Soyabean dropped on profit booking after prices gained as the delayed monsoon and the planting activity of soybean is adversely affected
USDA reported that the condition of crops unexpectedly deteriorated last week.
The soybean crop was rated 58% good-to-excellent, down 2 percentage points from a week earlier, and behind market forecasts.
At the Indore spot market in top producer MP, soybean dropped -300 Rupees to 9568 Rupees per 100 kgs.
Mustard seed
Rmseed trading range for the day is 7420-7720.
Mustard seed dropped as mustard arrivals in Rajasthan, Madhya Pradesh, Uttar Pradesh and Gujarat improved.
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.
Estimated mustard crushing during June 2021 stood at 6 lakh tonnes, lower by 33% compared to 9 lakh tonnes last month.
In Alwar spot market in Rajasthan the prices dropped -51.5 Rupees to end at 7685.5 Rupees per 100 kg.
Soya oil
Ref.Soya oil trading range for the day is 1364-1412.
Ref soyoil dropped on profit booking tracking weakness in Soyabean after prices seen 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 1409.8 Rupees per 10 kgs.
Crude palm oil
CPO trading range for the day is 1123.8-1155.2.
Crude palm oil recovered to gain buoyed by strong demand from top buyer India and a cut in domestic export tax reference price.
Exports of Malaysian palm oil products for Jul. 1-25 fell 1.5 percent to 1,150,452 tonnes.
However downside seen limited buoyed by strong demand from top buyer India and a cut in domestic export tax reference price.
In spot market, Crude palm oil dropped by -3.3 Rupees to end at 1184.7 Rupees.
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