Ref Soyaoil On NCDEX Settled Down By -1.53% At 693.2

Ref Soyaoil on NCDEX settled down by -1.53% at 693.2 tracking weakness in spot and demand worries. 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. As per NOPA crushing in US was around 160.176 million bushels of soybeans in December, down from 160.752 million in November and below an average of trade expectations for 162.8 million. In domestic market, demand for refined soy oil is low due to narrowing price gap with other edible oil in the complex.

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