Capital stroke NCDEX Update : REF SOYA OIL 22 MAY 2014

Refined soy oil June futures recovered from lower levels on positive CBOT Soy oil prices, lower availability due to lower crushing and a weak rupee and settled 0.14% higher. However, weak Malaysian palm oil capped sharp gains. CBOT Soy oil settled 1% higher tracking bullish soybean prices. Prices have decline earlier on higher supplies due to increased crushing for soy meal leading to a supply glut situation.

According to NOPA, Soy oil stocks increased to 2.058 bn lbs from 2.023 bn in March and forecast of 1.990 bn lbs. (Source: Reuters)
India meet 50-55 percent of its edible consumption through imports and thus rupee factor is a major determinant of edible oil prices.Soy oil futures may trade on a mixed to negative note today. Weak demand and higher imports may keep prices under check. However, tight supplies and positive overseas markets may support prices. Prices may also take cues from movement in the Rupee.


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