As per the agri ministry data, India’s soybean acreage was at 10.6 million ha as on last week, down 7.8% from a year ago. The fall in overall acreage has been led by a decline in area under the crop in Madhya Pradesh-the largest producer-because of poor rains in the state so far this monsoon season.

India’s mustard meal exports for the month of July also rose 56.4% on year to 50,649 tonnes as per SEA data. As per SEA recent data, mustard oil imports for period Nov-July down 23% to 1.94 lt in current oil year compared to 2.55 lt in the previous year.

As per data compiled by Mustard Oil Producers Association of India, Oil mills across the country crushed 450,000 tn of mustard seed in August, down over 18% from the previous month.

Moreover, recently soy oil the prices have been supported by weak rupees and increase in import tax coupled with higher tariff value for the crude soy oil in September when government increase import tariff by $33. For the second half of September, the government raised the base import price of crude soyaoil by $16/tonnes to $851/tonnes.

Malaysian Palm Oil fell further on Friday from a six-month high, as strong export figures cushioned the dampening effects of a rise in export tax for October. The increase of crude palm oil export tax for October from 5.5% to 6% weighed on the sentiment. Cargo surveyor Intertek Testing Services said palm exports for Sept. 1-15 rose 22.2% compared to Aug. 1-15. Palm prices expected to fall in coming months as overseas exports from south Asian countries slows during the winter. Countries such as China and Europe normally reduce their intake of palm oil in winter months as the tropical product solidifies in cold temperatures.

October raw sugar closed higher for the last week as Unica data on Tuesday showed mills turning a lower proportion of cane into sugar, 46.95%,in the second half of August – down from a figure above 50% in the first half. Weather in India, the world’s second biggest sugar producer, is positive for production as good recent rains in central areas will further ease dryness in support of cane growth.