Soy oil ends higher on international market

The refined soy oil futures traded on a positive note on Thursday on follow through buying and taking support from firm international market.
Indian traders and investors bought oil futures anticipating recovery in international market will push up the Indian oil prices. Market participants also bought futures anticipating market might recover anticipating recent fall is looking overdone.
CBOT soy oil and BMD palm oil futures were trading higher on Thursday expecting USDA planting data is likely to be bullish for the market.
Outlook
The refined soy oil futures are expected to trade on a positive note on Friday on continued buying interest.
Indian market is likely to move in line with strong international market. Indian traders and investors are likely to buy futures anticipating recent fall in the prices is looking overdone.
CBOT soy oil futures staged a rally on Thursday after release of bullish USDA planting and ending stock report. According to the United States Department of Agriculture, US farmers are likely to reduce soy acreage by 2% Y/Y to 76.61 million acres.
The reduced soy acreage is likely to be diverted for planting of cotton. Cotton acreage is likely to increases by 20% Y/Y to 12.56 million acres. Along with tight acreage, quarterly ending stock of soybeans is estimated at 1.25 million bushels, down 1.65% from previous quarter.
Tight ending stocks and lesser soybean acreage supported the CBOT soy oil futures to stage a strong rally on Thursday. With the rise in international price, the landed cost of soy oil in India is likely to increase, which may act as bullish factor for the market.

(Source: http://www.commodityonline.com/futures-trading/technical/Soy-oil-ends-higher-on-international-market-22951.html)