Ref Soyaoil On NCDEX Settled Down By -0.52% At 655.95

Ref Soyaoil on NCDEX settled down by -0.52% at 655.95 tracking weakness in spot demand and overseas prices. Pressure also seen amid expectations of an increase in soyabean yield following the recent rains in Argentina and recovery in palm oil production from Malaysia. 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. As per USDA, in 2016-17, soya oil production in India is expected to be around 1.62 million tonnes (mt), up 55 per cent from the previous year. Moreover the overall supplies are seen rising by 2 per cent compared to last year.

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