Ref Soyaoil On NCDEX Settled Down By -0.29% At 643.8

Ref.Soyaoil on NCDEX settled down by -0.29% at 643.8 amid subdued demand of soybean from oil crusher. Prices also seen under pressure on over supply following higher imports data. The Soybean Processors Association of India (SOPA) has urged the Narendra Modi government to increase duty on imported crude soybean oil to 37.5% and 45% on refined soybean oil, which is the WTO bound rate. This will check large scale import of cheap soybean oil and enable the domestic industry to start soybean meal exports again. It will also encourage soybean and other oilseed growers, the association feels.

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