Refined soy oil futures traded on a positive note on Wednesday taking cues from positive overseas soy oil prices and settled 1.84% higher. CBOT Soy oil recovered from lower levels on short coverings settled 2.35% higher. Prices declined over the last few days as increased crushing for soy meal has lead 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.
As per the data released by the Solvent Extractors' Association of India Imports of vegetable oils, including non-edible oils in April declined 27.17% y-o-y to 832,760 tn.
Crude Soy oil imports in April ’14 rose 121% to 113,000 tn compared to 50,999 tn last year. Stockpiles of edible oil at ports on May 1 stood at 465,000 tn, the trade body said, lower than 490,000 tn on April 1.
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