Ref Soyaoil On NCDEX Settled Down By -0.29% At 691.1

Ref Soyaoil on NCDEX settled down by -0.29% at 691.1 on profit booking after seen supported on demand hope at lower level and lower stockpiles in global market. Some value buying was also witnessed in the global market as Soybean oil is looking cheap and that will spur an increase in consumptive buying. As per USDA before 2017 harvest, world bean-oil reserves will fall 9% to lowest since 2005. According to cargo surveyors, soy oil stock at various ports of the country dropped to 99,575 tonnes as on January 23, against 1.25 lakh tonnes on January 16. Moreover, expectation of higher output during the current rabi season were also dragged the prices.

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