MUMBAI (Commodity Online): Soy oil prices keep on getting buying support in the market due to ongoing festive season demand. International market prices have also seen some bounce back in prices due to fear of yield loss in US soybean growing areas.
In India, traders believe that fresh crop arrival may get delay in Maharashtra due to pro-longed rains seen will start by last week of September. This has also supported the market to some extent in Indian market.
SGS –Malaysia August, Palm oil export is down 16.20 LT vs 16.30 LT during July. Indian buying was 1.65 LT vs 2.04 LT. Indonesia has kept September Palm Oil export tax unchanged at 15%. Base export price is fixed at $.1085 per ton.
As per the SEA of India press release, dated 12 August 2011, the import of vegetable oils during July 2011 is reported at 913,179 tons compared to 800,644 tons in July 2010 i.e. up by 14.1%, consisting of 881,762 tons of edible oils and 31,417 tons of non-edible oils.
The overall import of vegetable oils during Nov.’10 to July ’11 is reported at 6,043,403 tons compared to 6,382,314 tons during the same period of last year i.e. down by 5.3%.
Current stock of edible oils as on 1st August, 2011 at various ports is estimated at 560,000 tons (CPO 300,000 tons, RBD Palmolein 70,000 tons, Degummed Soybean Oil 130,000 tons and Crude Sunflower Oil 60,000 tons) and about 1,000,000 tons in pipelines.
On Monday soy refined market is likely to trade up in the morning hours however later on market may witness selling pressure again.
