Refined Soy Oil futures slipped further on Wednesday due to profit booking at higher levels to close at 754.60 rupees per 10 kg. It trend looks positive on report that government may increase cess on edible oil imports by about 5%. Increase in tariff value and weaker rupees are positive for edible oil prices. 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. 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 y/y.
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 lt respectively for 2019/20 this month in its monthly report.
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