Refined Soy Oil Futures

Refined Soy Oil Futures see some technical corrections on Wednesday after it jumps higher in the previous session on report that government is likely to hike import duty of all soft oils to support prices of domestic oilseeds. Earlier, prices have been trading lower due to stronger rupees, good stocks with the traders and sufficient availability of oilseeds in the country.

The government has slashed the base import prices of crude soyoil for the second consecutive fortnight by $31 per tn to $769 per tonnes. Based on global prices and fluctuation in foreign exchange rates, the government revises base import prices every fortnight, it was last revised on 15th May.

As per the data from SEA, crude soyoil imports during the April dropped 13% to 264,750 tons compared to 304,942 tons in the same period a year ago. Stocks of edible oil in ports and pipeline are estimated at 2.34 mt as on May 1 compared to 2.12 mt a year ago while higher than 2.1112 mt in April.

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