Refined soy oil Sept futures traded on a negative note last week tracking weak soybean prices as well as weak CBOT Soy oil and settled 1.73% lower w-o-w. CBOT Soy oil lost 7.47% last week on weak demand and lower soybean prices. NCDEX has modified the specifications in the existing as well as to be introduced contracts. Kindly refer the exchange circular.
According to NOPA, Soy oil stocks in May increased to 1.847 bn lbs from 1.97 bn lbs in May. (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.
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