Ref Soyaoil On NCDEX Settled Down By -1.59% At 633.15

Ref.Soyaoil on NCDEX settled down by -1.59% at 633.15 on higher supply and weak demand. Prices of the oil were under pressure as USDA in its WASDE reported hiked 2016-17 soyoil inventories to 920,000 tons in June compared to 910,000 in May. Moreover, the department in its weekly sales reported stated that net sales for 2015/16 dropped 68% to 14,500 tons on week, indicating lack of demand in export market. India's soybean oilmeal exports slumped 92.77% to 1,015 tons in June compared to 14,046 tons for the corresponding period a year earlier, data released from Solvent Extractors Association of India (SEA) showed.

Oilmeal exports during May 2016 are reported at only 7,737 tons compared to 121,339 tons in May 2015 - down by 94% according to data compiled by Solvent Extractors' Association of India. Farmers of MP and Maharashtra may switch to pulses and other cash crop due to lower crushing demand. According to the SOPA, output of the soybean for 2015-16 is forecasted down at 6.9 mt, compared to earlier estimate of 7.4 mt.

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