Ref Soya Oil On NCDEX Settled Down -1% At 716.1

Ref Soya oil on NCDEX settled down -1% at 716.1 boosted by prospects of higher imports and indicating oversupply situation. Crushers are buying soybean in gradual manner as they are aware that they can get soybean anytime from the market due to higher production this year. Soymeal demand from poultry feed manufacturer is reducing as the retail demand of broiler chicken declined has fallen by around 30-40 percent across the country due to cash crunch. India is likely to produce over 11 million tons of soybean crop this season, according to the Soybean Processors Association of India (SOPA). The exports of oilmeal fell by 9.75% and stood at 1,08,342 tonnes in November this year. 

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