Ref Soyoil Ended With Losses Tracking Weakness

Ref soyoil ended with losses tracking weakness in spot demand amid higher stock levels in the domestic market. However anticipation of increase in import duty as Prime Minister's Office called a meeting of ministries concerned to discuss duty on imports of palm oils in the country. As per government data, area under soybean crop across the country for the 2017-18 kharif was 84.6 lakh hectares till last week, down about 17.8% on year.

Last year, the acreage was 102.8 lakh hectares. The area under the crop fell as some farmers are shifting to more profitable crops such as cotton, as oilseeds fetched poor returns last season. In Madhya Pradesh, the acreage of the crop was at 40.1 lakh ha, down from 49.7 lakh ha in the previous year. In Rajasthan, another major grower of the oilseed, soybean was sown across 786,800 ha, as against 10.2 lakh ha in the year-ago period.

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