Ref Soyaoil On NCDEX Settled Up By 1.39% At 646.1

Ref.Soyaoil on NCDEX settled up by 1.39% at 646.1 taking cues from edible oil complexes on robust demand in domestic market ahead of festive season and on supply worries from world's biggest supply of oil. 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. 

Exports of oilmeals during May 2016 is 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. The overall export of oilmeals during April -May 2016 is reported at 97,779 tons compared to 303,977 tons during the same period of last year, down by 68% due to lesser availability of oilseeds for crushing and continuous disparity in exporting oilmeals in international markets.

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