Ref Soya Oil On NCDEX Settled Down -1.1% at 717.15

Ref Soya oil on NCDEX settled down -1.1% at 717.15 tracking weakness in spot demand on expectation of higher supply. According to USDA, Jan'17 WASDE report, around 10.16 million tons is the estimated production figure for 2016-17 which is up by 0.5% on month. Meanwhile the ending stock is estimated to be around 750,000 tons which was 700,000 tons in Dec'16. Moreover, soyoil stocks in US at the end of December rose 7.1% to 1.434 billion pounds compared to 1.338 billion pounds in November 2016. Stocks of soy oil in December were lower by 3.2% compared to December 2015, which was reported at 1.481 million pounds. Supported by the record high crop of about 11 million tonnes (mt), soymeal exports from India is likely to touch 2 mt on strong overseas demand and favourable pricing situation, experts noted.

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