Tuesday, August 29, 2017

Ref Soya Oil Fall today due to Good growth soya crop

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.


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