Ref Soyaoil Down Tracking Weakness In CPO Prices, Concerns Over Tight Supply
US Soybean Oil Futures yesterday settled down by -0.23% at 1400.3 tracking weakness in CPO prices after seen supported by lingering concerns over tight supply. Edible oil prices are likely to remain elevated till the arrival of new crops in the October-November period, industry officials said. The rates are unlikely to come down anytime soon as India meets more than half of domestic demand through imports, BV Mehta, executive director, Solvent Extractors Association of India (SEA) said. The soybean oil price has surged due to efforts of making renewable bio-diesel fuel from it in the US, Brazil and other countries. Total oilseeds production in the country during 2020-21 is estimated at a record 36.10 million tonnes which is higher by 2.88 million tonnes than the production during 2019-20.
