Ref Soyaoil On NCDEX Settled Down By -0.8% At 659.4

Ref Soyaoil on NCDEX settled down by -0.8% at 659.4 on weak physical demand, lowering base import price and higher production estimates of soyoil in the country. The production of edible oil in 2016/17 will be 72.8 lt, up 25.5% compared to last year. Last year, edible oil production was at 58 lt. The tariff value of crude soyoil was cut by $32 per tonnes to $847 for the second fortnight of February. According to data released by the SEA, soy oil imports fell nearly 62% on year to 1.67 lt mt in January.

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