Ref Soya Oil On NCDEX Settled Up 0.21% At 725.05

Ref Soya oil on NCDEX settled up 0.21% at 725.05 tracking firmness in spot demand and on robust demand in export market. According to USDA weekly export sales report, Net sales of 30,900 tons for 2016/2017 were up 64% from the previous week and 41% from the prior 4-week average. According to United States Department of Agriculture (USDA) January estimate, U.S 2016/17 ending stocks of soy oil is estimated to rise to 1,652 million lbs from 1,522 million lbs in January estimate. Opening stocks were unchanged at 1,687 million lbs. Production of soy oil in 2016/17 is estimated to rise to 22390 million lbs from 22,290 million lbs. Imports in 2016/17 are unchanged at 275 million lbs. Biodiesel use in 2016/17 was unchanged at 6,200 million lbs

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