Ref.Soyaoil On NCDEX Settled Up

Ref.Soyaoil on NCDEX settled up by 0.98% at 716.75 supported by strong demand from crushers in global market. NOPA said US soybean crush rises to 164.64 million bushels in October'16 compared to 158.895 million bushels a year earlier. Prices gained recently as United States Environmental Protection Agency (EPA) raised 2017 bio-fuel target amid robust demand in export market. 

The new target was much higher than market expectations at 19.28 billion gallons compared to 18.11 billion gallons in this year. The total includes 15 billion gallons for conventional bio-fuel, mainly corn-based ethanol, and 4.28 billion gallons for the advanced bio-fuels mandate, which includes soy-based bio-diesel. With increase in bio-fuel mandate soyoil stocks for the coming season will tighten further.

The United States Department of Agriculture (USDA) estimated US soyoil ending stockpiles for 2016-17 season at 1.658 billion lbs which is expected to revised down further. India's rabi oilseed acreage jumped 15% thanks to attractive prices in the market and government's announce of increased in minimum support price (MSP), said a senior official of agriculture ministry.

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