Ref Soyaoil On NCDEX Settled Flat



Ref.Soyaoil on NCDEX settled flat amid expectation of higher supply. Prices were also down on weak demand from crushers after NOPA said that its members crushed 143.715 million bushels of soybeans in July, down from 145.050 million bushels during June. The favourable soybean crop conditions in India and US may boost anticipation regarding higher production curbing any major gain in the prices. Sowing progress in leading soybean producers like Madhya Pradesh, Maharashtra, and Rajasthan improved following good rains during July. As on Aug 19, soybean sowing was recorded at 11.28 million hectare compared to 11.27 million hectare, data showed.

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