Refined Soy Oil futures jump more than 1% on Wednesday to trade near 8-weeks high of 759.15 levels due to increase in tariff value by government. In a fortnightly notification, government increased tariff rate of crude soy oil by about 4.5% to $737 for 2nd half of Aug from 705 dollar earlier. Prices have gained about 3% this month on firm International prices and weaker rupees. Moreover, higher tariff value is also helping prices to gain in the domestic market. According to monthly report released by SEA, Soyoil imports down 9.3% to 3.20 lt in Jul compared to 3.52 lt last year same month. Overall, imports are down 5.5% for the first nine months of OY 2018/19 (Nov-Jul) at 20.12 lt compared to last year same period.
Soy oil imports were down for the fourth consecutive month in July compared to last year while the import of refine palm oil increase more than 50% on year since November. As per latest as on 1st Aug., 2019 total stock at ports and in pipelines is reported at 19.50 lt down 19.4% on year. The stock were down 7.2% m/m. USDA kept domestic consumption and production unchanged to 51.50 lt and 17.1 lakh tonnes respectively for 2019/20 this month in its monthly report.
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