Ref Soyaoil On NCDEX

Ref.Soyaoil on NCDEX settled down by -0.18% at 642.5 on over supply following higher imports data. Pressure also seen on prices after India's soyoil imports surged 56.92% to 380,121 tons in February compared to 242,235 tons for the same period a year ago, data released by the Solvent Extractors Association of India showed. As per latest SEA data, during Nov-Feb period of the current 2015-16 oil year, the import of vegetable oils (comprising edible and nonedible oils) increased by 19% to 51,25,017 tonnes as compared to42,95,443 tonnes in the corresponding period of the previous year. Moreover, Import of vegetable oils during Feb 2016 is reported at 11,10,916 tonnes compared to 868,167 tonnes last Feb.

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