Soy oil trades up on global cues

The refined soy oil futures traded on a positive note for 5th consecutive day on continued buying interest. Positive trend in international market driven by tight ending stock projection and likely decline in US soy acreage gave underlying support to the Indian market.
Domestic traders and investors were on buying anticipating March month soy oil import data is likely to be positive for the market. Traders bought futures anticipating decline in veg oil import in March month due to supply disruption in South America.
Outlook

The refined soy oil futures are expected to take a smart correction on Tuesday on profit booking. Indian market is likely to open in line with weak international market. BMD palm oil futures are trading on a weaker note due to profit booking.
However, fall could be limited on strong fundamental factors. We may see emergence of buying interest in later hours of the day. Indian traders and investors are likely to buy futures anticipating revival in demand for oil in near term.
We are expecting the oil import in the month of March would be lower due to supply disruption caused by heavy rains in Latin America, which may render support to the market. Indian market is likely to move in line with firm international market.
CBOT soy oil futures are trading on a positive note moving in unison with firm crude oil market. With the continued rise in crude oil prices, soy oil is being attracted as an alternate energy source.

(Source: http://www.commodityonline.com/futures-trading/technical/Soy-oil-trades-up-on-global-cues-23013.html)