Ref Soyaoil On NCDEX Settled Down By -0.05% At 719.45

Ref Soyaoil on NCDEX settled down by -0.05% at 719.45 on weak demand and on expectation of higher supply. The expectation of higher domestic crushing amid a bumper output may increase supplies of it in the domestic market. India's soymeal exports in 2016/17 are likely to jump to three-year highs as a sharp price correction due to a rebound in soybean production makes overseas sales competitive, said industry officials. Higher exports from India could trim shipments of South American soymeal into Asia, and also shore up local soybean prices, which fell below a governmentfixed support level in physical markets recently.

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