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.
As per the data released by the Solvent Extractors' Association of India Imports of vegetable oils, including non-edible oils in July increased 25% y-o-y to 1,109,674 tn.
Crude Soy oil imports in July ’14 increased 30.43% to 306,068 tn compared to 234,650 tn last year. Stockpiles of edible oil at ports on Aug 1 stood at 570,000 tn, the trade body said, higher than 525,000 tn on July 1.
Outlook
Soy oil futures are expected to trade lower. Bearish sentiments in the edible oil prices and comfortable stocks may continue to pressurize prices. However, festive demand may cushion the downside. Prices may also take cues from movement in the Rupee.
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