Ref Soyaoil On NCDEX Settled Up By 0.29% At 646.85

Ref.Soyaoil on NCDEX settled up by 0.29% at 646.85 on short covering after prices dropped on oversupply woes. However upside seen limited amid talk on import duty cut. The cabinet committee on economic affairs (CCEA) is mulling to cut import duty on crude edible oil to 7.5% from 12.5% and on refined cooking oils to 15% from 20%. U.S. oilseed production for 2016/17 is projected at 124.3 million tons, up 4.1 million from last month with higher soybean, peanut, and cottonseed production.

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