Ref.Soyaoil On NCDEX Settled Up By 1.22% At 653.4

Ref.Soyaoil on NCDEX settled up by 1.22% at 653.4 tracking firmness in spot demand on higher demand despite of oversupply woes in global market. Ref soyoil prices seen supported 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. 

However upside seen limited on adequate supplies in the domestic market along with taking weaker cues from overseas soyoil and rival veg oil prices. Moreover, revised estimation of production in Argentina is also likely to weigh on the prices. USDA weekly sales report, net sales for 2015/16 is around 62,400 MT were up noticeably on week and from 4-weeks prior average. 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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