Soy Oil Prices Dip to Rs 950/10Kg from Rs 960/10Kg Amid Global Market Weakness

Soy Oil

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Soy oil prices in the local market have undergone a correction, declining from Rs 960/10Kg to Rs 950/10Kg since the start of the month, marking a decrease of 1.04%. This decline is attributed to the softness observed in the global market. Both BMD Palm oil futures and CBOT Soy oil futures have experienced a downward trend, influencing the local soy oil prices. Additionally, the CBOT Soy oil futures have been impacted by reports indicating a record-high soybean production of up to 50 MMT in Argentina. However, despite these factors, the decrease in domestic soy oil prices has been somewhat restrained due to low supplies in the local market. Notably, soy oil imports from November 2023 to March 2024 totaled 8.82 LT, reflecting a 40% decrease compared to the same period last year when it amounted to 14.63 LT.