Ref.Soya Oil On NCDEX Settled Down

Ref.Soya oil on NCDEX settled down -1.63% at 631.8 on increasing supply in spot markets. Upside also seen limited as supply in local market has risen due to robust crop in the country, which has resulted in better availability of soy oil.

Also, mustard oil supply is improving as this year production of mustard seed is higher than last year which is also weighing on soy oil prices. India oilmeal exports in the month of February jumped more than doubled on robust demand, data released from Solvent Extractors Association of India (SEA) showed. India's oilmeal exports during February spurted to 263,509 tons as compared to 122,527 tons a year earlier.

Exports of soybean oilmeal during February climbed multi fold to 207,977 tons as compared to 29,950 tons in February 2015. Agrural, the government agency, in its March report raised its soybean crop output for Brazil to 107 million ton as compared to 105.4 million tons reported in February.

The harvesting activity is 47% completed as of Mar 2 as compared to 41% completed in the same period a year ago. India's booming edible oil imports are expected to decline or hold flat in the year to October 2017, failing to grow for the first time in six years, as near record domestic oilseed output boosts supplies, industry executives said.

Technically market is under fresh selling as market has witnessed gain in open interest by 8.69% to settled at 59060 while prices down -10.45 rupees, now Ref.Soya oil is getting support at 629 and below same could see a test of 624 level, And resistance is now likely to be seen at 639, a move above could see prices testing 644. 

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