The Soybean Processors Association of India (SOPA) has urged the Narendra Modi government to increase duty on imported crude soybean oil to 37.5% and 45% on refined soybean oil, which is the WTO bound rate. This will check large scale import of cheap soybean oil and enable the domestic industry to start soybean meal exports again. It will also encourage soybean and other oilseed growers, the association feels.

In a letter to the Prime Minister, SOPA chairman Davish Jain has said that the soybean processing industry has been going through one of its toughest periods for the last 3 years and many of the units have had to close down. India’s oilmeal exports reported a decline of 47 % for a period between April 2016 and July 2016 at 274,237 tonnes compared to 517,914 tonnes reported during the same period last year, thereby showing a decline of 47 %. Visit Us http://www.ripplesadvisory.com/agri-commodity.phpor Get Free Trials Just Give One Missed Call @98-27-80-80-90.

The data compiled by the Solvent Extractors’ Association of India (SEA) revealed that even as the oilmeal exports showed a decline during the four-month period, the exports during the month of July showed a sharp increase of 99 % at 87,944 tonnes (44,238 tonnes).

At the Indore spot market in Madhya Pradesh, soyoil was steady at 630.15 rupees per 10 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -1.98% to settled at 67900, now Ref.Soya oil is getting support at 640 and below same could see a test of 637 level, And resistance is now likely to be seen at 646, a move above could see prices testing 649.