Ref Soyaoil On NCDEX Settled Up By 0.69% At 712.85

Ref.Soyaoil on NCDEX settled up by 0.69% at 712.85 tracking firmness in spot demand and other oilseed counters. However upside seen limited amid expectation of good domestic soy crushing which may reduce export dependence. According to USDA weekly export sales report, net sales for 2016-17 is around 15,100 MT were down by 63% on and 55% from the prior 4-week average. Despite the increase in tariff values the prices are under pressure as there is sufficient domestic soybean production.

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