Ref Soyaoil On NCDEX Settled Down By -0.22% At 654.25

Ref Soyaoil on NCDEX settled down by -0.22% at 654.25 as pressure seen on prospects of better supply amid bumper production estimates. Further soy oil supply in local market likely to rise due to robust crop in the country, which may result in better availability of soyoil and reduce dependency on imports. Also, mustard oil supply is expected to improve in coming weeks as current year production is higher than market expectations. Buyers are anticipating that soyoil will be available at lower range due to sufficient availability, so they are not in hurry and doing need-based buying. India's soybean oilmeal exports during January climbed multi fold to 155,160 tons as compared to 28,400 tons in January 2015, data published by Solvent Extractors Association of India (SEA) showed.

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