Refined Soy Oil Futures Closed Lower

Refined soy oil futures closed lower due to profit booking and weak physical prices. There is expectation of improving physical demand in coming months due to festival season. However, there is still good domestic supplies due to cheap imports and good 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. Government increases the tariff value for crude soyoil for the first half of May by $10 to $780 per tonnes.

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