RefSoyaoil On NCDEX Settled Down By -0.49% At 627.4

Ref.Soyaoil on NCDEX settled down by -0.49% at 627.4 on over supply following higher imports data. Pressure also seen on prices amid higher supply as favourable climatic conditions in US are likely to be supportive for the soybean crop conditions which also weighed on the prices. 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. India's edible oil imports jumped to 1.15 million tons in June compared to 1.01 million tons for the same period a year ago, data released by the SEA of India showed. Government has revised down the tariff value for Crude Soy Oil to 752$ /tonne for second half of July against 765$ earlier. The overall import of vegetable oils during first eight months of the current oil year 2015-16, Nov.’15 – June’16 is reported at 97.6 lt compared to 88.5 lt i.e. up by 10%. 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.

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