Refined Soy Oil Futures Closed Higher On Wednesday

Refined soy oil futures closed higher on Wednesday as there was no announcement of lowering duty for import of vegetable oils and oilseeds in the Union Budget 2017/18. Moreover, the tariff value of crude soyoil was hike by $10 per tonnes to $879 for the first fortnight of February. According to data released by the Solvent Extractors' Association of India, edible oil imports fell nearly 17% on year to 1.17 mt in December. India import of soybean oil has declined to 2.32 lt in Dec from 4.90 lt in the year-ago period as supplies of soybean is good at lower prices.

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