Ref Soya Oil On NCDEX Settled Down -0.28% At 689.15



Ref Soya oil on NCDEX settled down -0.28% at 689.15 tracking weakness in spot demand and overseas prices despite of supply worries. Supply worries seen after (USDA) before 2017 harvest, world bean-oil reserves will fall 9% to lowest since 2005. Moreover expectation of higher output during the current rabi season also weighed on 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

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