Ref Soyaoil On NCDEX

Ref.Soyaoil on NCDEX settled flat 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. 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. 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. According to Solvent Extractors Association (SEA), India imported 12.30 lakh tons of edible oil in April 2016 compared to 10.98 lakh tons in April 2015, higher by 12 percent y-o-y. Palm oil imports rose marginally to 7.30 lakh tons in April compared to 7.25 lakh tons in April 2015.

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