Prices fell for Ref Soy Oil as
rains in growing regions for Soybean kept trend down for the oil
complex sector overall. Fall in International markets too pressurised prices further. A prospect of Govt to further raise import duty is
often supporting the market. Meanwhile high prospects of a rise in
global ending stocks offers resistance in pushing soya oil higher.
Global markets are maintaining
an overall positive tone due to improving demand outlook for
bio diesel consumption, and chances of drop in yields of the domestic
or the US crop. The recently released bearish reports from the USDA
regarding higher global oil seeds production are keeping uptrend
limited, unless we get reports of drop in the US soybean yields. The
details of the USDA report are mentioned in Soybean section.
International market reports are bearish while Indian reports are
firm for the counter.
Seed Newsvine
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