Ref Soya Oil On NCDEX Settled Up 1.41% At 645.25

Ref Soya oil on NCDEX settled up 1.41% at 645.25 tracking firmness in spot demand despite of higher supply in domestic market. Prices also seen supported on higher demand from crushers, who are not able to procure soybean in bulk quantities at lower level as farmers are reluctant to sell at that level. Demand of soymeal by poultry feed manufacturers have also revived due to increased sales of broiler chicken in retail market. Soybean output in India as well as well as in the United States and Brazil is expected to rise this year. According to data released by the Solvent Extractors' Association of India (SEA), India's edible oil imports rose 15.8% on year to 1.23 mt in February.

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