Ref Soyoil Ended With Flat On Oversupply

Ref soyoil ended with flat on oversupply woes following robust import data. India's soyoil imports during May spurted by 91.14% to 340,365 tons compared to 178,064 tons for the same period a year ago, data released by the Solvent Extractors Association (SEA) of India showed. Monthly import of refined edible oil surged last month, to 2,94,409 tonnes, about 22 per cent of the overall import of 1.03 million tonnes.

After a high of 245,554 tonnes in December 2016, refined oil import fell to 196,623 tonnes in January, 20-21 per cent of the entire import of edible oil. According to Solvent Extractors Association (SEA), India’s May edible oil stocks at ports and pipelines rose 1.87 Percent m-o-m to 21.60 lakh tons from 21.20 lakh tons in April 2017.

India is presently holding 37 days of edible oil requirement on 1st June, 2017 at 21.60 lakh tons compared to 39 days of requirements last month. India’s monthly edible oil requirement is 17.5 lakh tons. Global oilseed production changes for 2016/17 include higher soybean production in Brazil and Argentina and higher peanut production in India. Global soybean production is raised 3.3 million tons to 351.3 million.

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