Ref Soyaoil On NCDEX Settled Down By -0.31% At 734.55

Ref Soyaoil on NCDEX settled down by -0.31% at 734.55 on profit booking after prices gained on strong demand and on supply worries in global market. The supplies are moderately lower in the domestic market amid steady demand. Moreover, expectation of rise in domestic consumption on the back of higher bio-fuel blending. In addition to it, ongoing dry weather in Argentina during sowing period has raised worry about production size indirectly resulting for tight supply for soy oil in coming months. The exports of oilmeal fell by 9.75% and stood at 1,08,342 tonnes in November this year.

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