Spot Market Update: Refined Oil Down On Khariff Sowing Progress

Higher sowing trend of kharif oilseeds triggered further selling in refined oil in local mandies. The spot prices decreased by Rs 0.50 kg today. 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.