Ref Soyaoil On NCDEX Settled Up By 0.17% At 717.15

Ref  Soyaoil on NCDEX settled up by 0.17% at 717.15 on late short covering after prices dropped amid expectation of higher supply in mandis. Moreover, higher production forecast in South America may have bearish impact on the domestic refined soyoil futures. However prices of oil may get support as stocks at various ports of the country were around 130,000 tons against 163,000 tons same period last year. With improving weather prospects in South America demand is slowing down in US. Latest weekly soy bean export sales fell to 87,700 tons (old-crop and new-crop combined) in the latest week from 979,200 tons a week ago.

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