Soya Oil Off Five Week High In Global Markets

6 Jan 2022 , 02:18 PM

The global Soybean complex witnessed a heavy drop today as worries over escalating Covid-19 caseload and a sharp sell off in US equities weighed on the sentiments. Market also eyed upbeat production outlook for Soybean in Brazil. The Brazilian soybean sector is forecast to produce record-breaking volume in crop year 2021-22 (September-August). The US Department of Agriculture expect Brazils soybean production at 142.8 million mt and 144 million mt, respectively, in 2021-22, compared with a record 138 million mt in 2020-21. The US Soybean oil is trading down 1% at 58.80 cents per pound as a five week high near 60 cents mark failed to hold sustain in last session.

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