Refined Soy Oil Futures Closed Higher On Wednesday

Refined soy oil futures closed higher on Wednesday due to bargain buying and improved demand at current prices. The higher production estimates of soyoil in the country may keep the stock sufficient. The production of edible oil in 2016/17 will be 72.8 lt, up 25.5% compared to last year. Last year, edible oil production was at 58 lt. The tariff value of crude soyoil was cut by $32 per tonnes to $847 for the second fortnight of February. According to data released by the SEA, soy oil imports fell nearly 62% on year to 1.67 lt mt in January.

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