Refined Soy Oil Futures Closed Lower

Refined soy oil futures closed lower on Tuesday tracking lower physical demand and expectation of good domestic soy crushing which will reduce export dependence. The most active Ref Soy oil Jan’17 expiry contract closed 1.37% lower to settle at Rs. 719.8/10kg. Despite the increase in tariff values the prices are under pressure as there is sufficient domestic soybean production. The tariff value of crude soyoil was raised by $42 per tn to $912 which was the sixth increase in three month by the government. The tariff value of soy oil has been increase by about 21.3% since mid july. Despite increase in tariff prices, the record oilseed production in country is weighing on the soy oil prices. 

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