Ref Soyaoil On NCDEX Settled Down By -0.17% At 736.8

Ref Soyaoil on NCDEX settled down by -0.17% at 736.8 on late profit booking after prices remained supported 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. Roughly 25% of US soybean oil production used for output of bio-diesel.

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