Ref Soya Oil On NCDEX Settled Down -1.81% At 704

Ref Soya oil on NCDEX settled down -1.81% at 704 on expectation of higher supply from global market. Moreover, expectation of higher output during the current rabi season were also dragged the prices. Last week, the Solvent Extractors' Association of India (SEA) has raised its estimate for soybean output to 11 million tons in 2016-17 (Jul-Jun) from its previous forecast of 10.6 million tonnes. According to USDA weekly export sales report, net sales of 7,300 tons for 2016-17 down by 77% from the previous week and 72% from the prior 4-week average. As per WASDE report, around 10.16 million tons is the estimated production figure for 2016-17 which is up by 0.5% on month while the ending stock is estimated to be around 750,000 million tons which was 700,000 tons in Dec-16.

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