Ref Soyaoil On NCDEX Settled Down By -0.49% At 644

Ref.Soyaoil on NCDEX settled down by -0.49% at 644 on oversupply woes and on weak demand. NOPA said soybean crushing for the month of May was at 152.28 million bushels a year ago during the same time it was 148.416 million bushels. Moreover, USDA weekly sales reported net sales of soyoil for 2015/16 jumped by 2% to 14,000 tons on week. According to USDA soy oil stocks as of May 31 stood at 1.994 billion lbs. Analysts had forecast soy oil stocks of 1.971 billion lbs. Stocks were 1.578 billion lbs a year ago and 1.943 billion at the end of April.

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