Ref Soyaoil On NCDEX Settled Down By -1.05% At 653.35

Ref.Soyaoil on NCDEX settled down by -1.05% at 653.35 on over supply following higher imports data. India's soyoil imports rallied 86.35% to 348,195 tons in April compared to 186,849 tons for the same period a year ago, data release from the Solvent Extractors Association (SEA) of India showed. Oilmeals exports have declined 94 per cent to 7,737 tonnes in May, due to lower availability of oilseeds and higher prices in the domestic market.

 India had exported 121,000 tonnes of oil meal in the same period last year, industry body Solvent Extractors’ Association (SEA) said. "The overall export of oilmeals during April -May 2016 is reported at 97,779 tonnes compared to 3,03,977 tonnes during the same period of last year, down by 68 per cent due to lesser availability of oilseeds for crushing and continuous disparity in exporting oilmeals in the international market," SEA said. South Korea, Iran and Thailand are the major importers of oilmeal from India. Oilmeal export to South Korea has declined by 74 per cent to 47,202 tonnes in the first two months of the current financial year from 1.79 lakh tonnes in the year ago period.

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