Spot Market Update: Refined Oil Down On Poor Global Cues

Negative trend in international market has weighed on Refined Soya oil prices in local mandies. The spot prices decreased by Rs 0.45 kg today. According to the latest update from United States Department of Agriculture (USDA), 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.