Refined Soy Oil Futures Closed Higher

Refined soy oil futures closed higher for 3rd consecutive session on Monday driven by good physical demand and increase in the tariff value for May. Government increases the tariff value for crude soyoil for the second half of May by $13 to $793 per tonnes. There is still good domestic supplies due to cheap imports and high domestic crushing. According to USDA report, the production of soyoil in 2017/18 to increase by 5.5% to 16.9 lt while consumption to improve 7.4% to 58 lt. Soyoil imports are likely to increase by more than 10% to 41 lt compared to last year imports.

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