Positive global cues have aided soya oil prices today. The spot prices increased by Rs 0.70 kg today. According to the latest update from United States Department of Agriculture (USDA), Indian soyabean production for MY 2017/18 is revised down from 11.5 MMT to 10 MMT to indicate lower than normal area planted. (The 5-year average is 11 million hectares). Yield is expected to be near normal, again assuming weather remains favorable through harvest. Compared to last year, soybean planting is down nine percent to 10.2 million hectares with Madhya Pradesh (MP) reporting more than 10 percent decline.
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