Spot Market Update: Refined Oil Extend Losses

Poor global cues have added selling in refined oil prices in local mandies. The spot prices decreased by Rs 0.30 kg today. As per latest report of United States Department of Agriculture (USDA),global soybean production is up 0.7 million tons to 355.2 million for 2018/19 mainly on higher production for Brazil. A higher trend yield for the 2018/19 Brazil soybean crop reflects harvest and yield results for the 2017/18 crop, which is increased 2 million tons to 119 million. With higher production, soybean exports for Brazil are revised up for both the 2017/18 and 2018/19 marketing years.