Ref Soya Oil On NCDEX Settled Up 0.55% At 655.7

Ref Soya oil on NCDEX settled up 0.55% at 655.7 on short covering tracking firmness in spot demand amid supply worries. Prospects of higher soybean and rm seed output kept oil prices down in the domestic market. In addition to this, expectation of higher production from Argentina, the world's biggest oil producer, also kept oil down. Argentina's Soyoil production is seen rising to 8.725 million tons as compared to 8.6 million tons in 2106-17 as per the USDA's WASDE report. On the domestic front, the availability of more domestic soya oil on the back of ample soyabean supplies is dragging down the prices of soya oil derivatives.

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