July refined soy oil futures ended in green on account of short covering and improved demand at retail ends on Saturday.
The USDA’s weekly export sales came in line with expectations for oil. Net oil sales were 45,500 tonnes for the current marketing year and none for the next marketing year for a total of 45,500.
The Census Bureau released its monthly crush report for May on June 24, 2010 i.e. Thursday. Soy oil stocks were pegged at 3.450 billion pounds, up from 3.354 billion pounds in April.
CBOT August Soybean oil futures ended at 37.33 cents/pound on Friday, unchanged as compared to previous close.
Technical Analysis
Prices closed above its 10 day & its 20 day EMA, which indicates mixed market sentiments.
14-Day RSI is at 51.56, which is in neutral zone.
Outlook
Refined soy oil futures are expected to trade slightly higher on firm overseas market (for short term). In the long term perspective, huge stock of imported edible oil and decision of continue to import of crude edible oil at 0% also in favor of bears in the market.
