Spot Market Update: Refined Soya Oil Trades In Negative Zone

Poor global cues kept the selling pressure on in refined Soya oil in local mandies. The spot prices decreased by Rs 0.30 kg today. A latest update from United States Department of Agriculture (USDA) indicates that the global oilseeds production is projected up 20.9 million tons to 593.7 million, with higher soybean, sunflower, rapeseed, palm kernel, and copra partly offset by lower peanuts and cottonseed. Global soybean production is projected up 17.8 million tons to 354.5 million mostly due to recovery from drought in Argentina.