NCDEX Refined Soya Oil Eases Further From Five Week High

Refined Soya Oil futures tumbled on NCDEX today as a slide from five week highs continued. The counter slipped for a third session though some recovery emerged after the benchmark June 2018 futures tested a low near Rs 774 per 10 kg. The counter currently trades at Rs 776.50 per 10 kg, down 0.31% on the day. The global cues are turning negative as the according to the latest weekly crop of USDA, the 2018 US soybean crop is being planted ahead of the average planting pace. The domestic Refined Soya oil futures have been in a good nick recently amid improving demand for oil and meal in ready markets but traders have started contemplating about the coming Kharif plantings and a normal monsoon forecast clubbed with the recent spurt in Soybean prices could trigger a good response from farmers, initiating an early start to the Soybean sowing.