Ref Soyaoil On NCDEX Settled Up By 0.53% At 656.55

Ref.Soyaoil on NCDEX settled up by 0.53% at 656.55 on short covering tracking firmness in spot demand. India 2016-17 edible production may rise 20% on favourable weather condition this year. Domestic edible oil production 2016-2017 is seen at 6.97 million tons compared to 5.82 million tons last year. Edible oil consumption to rise by 6% to 22.15 million tons in the year while imports are expected to increase by nearly 7% to 15.48 million tons compared to 14.58 million tons in the year ago period. Kharif and Rabi production of these oilseeds at 23.43 million ton compared to 5.72 million ton a year ago.

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