Ref Soyaoil On NCDEX Settled Down By -1% At 677.95

Ref Soyaoil on NCDEX settled down by -1% at 677.95 with the fall in spot market on sufficient stocks and steady demand. The higher production estimates of soyoil in the country may keep the stock sufficient for the stockists. 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 hike by $10 per tonnes to $879 for the first fortnight of February. According to data released by the SEA, edible oil imports fell nearly 17% on year to 1.17 mt in December. 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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