Ref Soyaoil On NCDEX Settled Down By -0.7% At 656.8

Ref Soyaoil on NCDEX settled down by -0.7% at 656.8 tracking weakness in spot demand amid prospects of higher imports. With prospects of bumper soybean crops and lower crush margines supply of the oil in domestic market is expected to rise in near-term. However, sharp fall in the oil prices will be cushioned by improved demand in spot market for ongoing festive season. India 2016-17 edible production may rise 20% on favourable weather condition this year. 

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