Ref Soyaoil On NCDEX Settled Up By 0.31% At 630.5



Ref.Soyaoil on NCDEX settled up by 0.31% at 630.5 tracking firmness in spot demand despite of expectation of higher soybean supply. Moreover, favourable climatic conditions in US are likely to be supportive for the soybean crop conditions also weighed on the prices. Prices were also down tracking global markets on hope of higher supply from Argentina after its Agriculture Ministry said soybean output for 2015-16 may rise to 58.8 million tons compared to prior estimate of 58 million ton. 

Further, weak export data reported by India and United States is also putting pressure on yellow bean by indicating weak demand scenario. India's 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. India edible oil imports jumped 14% in June on lower prices of edible complex in global market, data release from the Solvent Extractors Association (SEA) of India showed. Due to higher imports the domestic refining industry is facing severe crisis of under utilization of capacity and is on the verge of closure and justify increasing in duty difference between crude and refined vegetable oils from 7.5% to 15.

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