Ref Soyaoil On NCDEX Settled Down By -0.93% At 628.55

Ref.Soyaoil on NCDEX settled down by -0.93% at 628.55 on oversupply woes in global market and on higher demand. With expectation of higher palm oil output, prices of palm oil are likely to fall which may soften the prices of soyoil as well. Moreover, moderate climatic conditions in US are likely to be supportive for the soybean crop conditions which may further weigh on the prices. However, sharp fall in the oil price was capped by higher demand in export marketAs per NOPA, in June soybean crushing was around 145.05 million bushels compared to 142.47 million bushels in the previous year. Soybean oilmeal exports slumped 27.35% to 2,098 tons in June compared to 2,098 tons for the corresponding period a year earlier, data from SEA of India showed

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