Ref Soya Oil On NCDEX Settled Down -1.01% At 645

Ref Soya oil on NCDEX settled down -1.01% at 645 tracking weakness in spot demand on expectation of higher supply. Soybean Processors Association of India (SOPA) projected soybean supply during Oct 2015-Aug 16 season climbed to 7.541 million tons on expectation of higher yield. In the previous year supplies were 612,000 ton, said a SOPA in a release. SOPA projected total consumption at 6.441 million ton (sowing 1.1 million ton, export and direct consumption at 135,000 ton and crushing at 5.45 million ton) leaving a carry forward balance of 161,000 ton, the release added.

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