oybean oil futures closed lower owing to record high import of edible oil in the month of December 2.

Soybean oil futures closed lower owing to record high import of edible oil in the month of December 2008 as compared to December 2007.

According to Solvent Extractor’s Association of India, edible oil imports in the month of December increased to 719,125 metric tonnes, up nearly 160% as compared to last year during the same period.

Import of soybean oil increased to 60899 metric tonnes, up by 712% as compared to last year during the same period (7,500 metric tonnes).

Pressure of imported vegetable oil and lower demand at retail ends provided support to bears in the market.

CBOT March soybean oil futures ended higher at 37.31 cents/pound on Tuesday, up by $ 2.14 cents/pound as compared to previous close.