Ref Soyaoil On NCDEX Settled Up By 0.96% At 670.75

Ref Soyaoil on NCDEX settled up by 0.96% at 670.75 amid strong demand in export market. Moreover, forecast of dry weather in Rajasthan, MP and Maharashtra may hasten the harvesting of soybean. 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.

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