Ref Soyaoil NCDEX Settled Down By -1.18% At 650.3

Ref.Soyaoil on NCDEX settled down by -1.18% at 650.3 taking cues from edible oil complex amid spurting expectation of higher production in global market. Meanwhile, Food Minister Ram Vilas Paswan recommended that the duty difference between the crude and refined edible oils should be increased to 13% from the current 7.5% in order to protect domestic oilseeds processors. United States soyoil stocks as of July 31 stood at 1.743 billion lbs. Stocks were 1.985 billion lbs a year ago and 1.624 billion at the end of June. According to United States Department of Agriculture (USDA) August estimates, U.S 2016/17 soy oil end stocks fell by 8.1 percent m-o-m to 1,755 million lbs from 1,910 million lbs in July estimate.

 Opening stocks are reduced to 1,950 million lbs from 2,375 million lbs in July estimate. Production of soy oil in 2016/17 is increased to 22,405 million lbs v/s 22,235 million lbs in July estimate. Imports in 2016/17 are unchanged at 250 million lbs. Biodiesel use in 2016/17 was unchanged at 5,950 million lbs. According to National Oilseed Processors Association (NOPA), U.S. July soybean crush fell to 143.715 million bushels from 145.050 million bushels in June, down by 1 percent m-o-m. Crush of soybean in July 2015 was 145.227 million bushels.

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