MUMBAI (Commodity Online): USDA report gives some bullish impetus to the world edible oil markets as it has lowered the production projections for US and EU-27. At the same time lower beginning and ending stocks are also supportive for the market during short term.
However medium term sentiments still seems sideways to weak as fresh crop harvest pressure will not allow prices to shoot up abnormally. In Indian market spot demand seems gradually improving on lower levels.
MMTC is expected to import 18000 tons RBD Olin at Kakinada. It has floated a tender in this regards. SGS Malaysia Palm oil export for a period of 1-10 Aug is up at 6.08 LT vs 3.98 LT. India has bought 98540 tons.
As per news sources, the Indonesia's Crude Palm Oil output this year is estimated at 22.5 million tons to 23 million tons, from 21.6 million tons in 2010 quoting the statement of executive director of the Indonesian Palm Oil Producers Association (GAPKI).
Indonesian Government cuts August Palm oil export duty by 5% to 15%. As per the data released by the SEA of India the import of vegetable oils during June 2011 is reported at 8.62 lakh tons compared to 7.32 lakh tons in June 2010 i.e. up by 17.8%, consisting of 8.29 lakh tons of edible oils.
On Friday soy refined market is likely to trade positive in the morning hours, however later on market is likely to witness selling pressure again.
