Improved domestic demand kept supporting the prices at these lower levels as a moderately Bullish trend from these levels is not ruled out for Ref Soy Oil in the coming weeks. Festive season domestic demand is expected to provide support to the rates that have fallen a lot over last few weeks.
As per Rabi Crops data released by Directorate of Economics and Statistics, Ministry of Agriculture, as on 13th Feb, sowing area under total oilseeds is at 80.92 lakh hectares as compared to 90.20 lakh hectares last year.
As per SOPA, India's soy meal shipments during January, 2015 was 1.04 lac tons as compared to 3.64 lac tons in January, 2014 showing a decrease by 71.48% over the same period of last year. On a financial year basis, the export during April'2014 to January'2015 is 5.35 lac tons as compared to 24.25 lac tons in the same period of previous year showing a decrease of 77.92%. During current Oil year, (October – September), total exports during October 2014 to January, 2015 are 4.38 Lac tones as against 15.49 Lac tones last year, showing a decrease by 71.69%. Iran, France and Indonesia remained the top 3 buyers of Indian soy meal in January 2015.
Exports of Malaysian palm oil products for January fell 14.6 percent to 1,109,188 tonnes from 1,298,461 tonnes shipped during December - cargo surveyor Societe Generale de Surveillance. India imported 162,900 tons during January v/s 359,767 tons last month.
The recent hike in Import Duty on Crude Edible Oil and refined edible oil would have a medium term Bullish impact on prices—as per sources. Import Duty on Crude Edible Oil hiked from 2.5% to 7.5% and on Refined Edible Oil hiked to 15% from 10%.
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