RefSoyaoil On NCDEX

Ref.Soyaoil on NCDEX settled up by 0.2% at 640.75 tracking firm spot demand as government is considering increasing import duty for refine oil. Prices also seen supported taking cues from other edible oil complexes and higher demand for festive season. Prices were also supported by higher demand in domestic market from oil crusher ahead of festival of Ramadan due in June. As per the latest report from United States Department of Agriculture ( USDA), Global oilseed production for 2016/17 is projected at 533.8 million tons, up 2.1 percent from 2015/16.Global soybean production is projected at 324.2 million tons, up 8.3 million with gains for India, Brazil, Ukraine, and Argentina, partly offset by lower U.S. production. The Brazil soybean crop is projected at103.0 million tons, up 4.0 million on higher area and yields.

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