Refined Soy Oil Futures Closed

Refined soy oil futures closed flat tracking firm spot prices but weak CBOT soyoil. There is good physical demand from the stockists on anticipation of higher intake of edible oil in the country during the next one month. The increase in the tariff value by the government and weakening rupees too supported prices in recent weeks.

Government increases the tariff value for crude soyoil for the second half of May by $13 to $793 per tonnes. Imports of soyoil are lower this oil year starting last November. According to SEA, during Nov.’16 – Apr.’17, import of soy oil has been lower to 13.50 lt from 22.44 lt in the same period of last year.

Moreover, Import of soy oils during April 2017 is reported at 3.04 lt compared to 3.50 lt in April 2016 - down by 12.4% however, the imports increase 32% m-o-m. 

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