Ref Soya Oil On NCDEX Settled Down -0.39% At 706.95

Ref Soya oil on NCDEX settled down -0.39% at 706.95 on late profit booking after prices seen supported tracking firmness in spot demand and overseas prices. Soy oil prices were also up on improving demand as temperature has dropped in last couple of session. The consumers of palm oil are likely to shift to refined soy oil, as palm oil have tendency to freeze at lower temperature. Global soy oil price got support by Argentina rains during weekend, which missed major sowing area of Buenos Aires, reviving concern about crop development. As per the latest data shared by the Solvent Extractors’ Association of India (SEA), India’s overall kharif oilseeds production is projected at 178.25 lakh tonnes (lt) for 2016-17 against 126 lt last year.

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