Ref Soya Oil On NCDEX Settled Down -0.22% At 623.1

Ref Soya oil on NCDEX settled down -0.22% at 623.1 on profit booking amid prospects of higher imports. However downside seen limited amid demand for oil is expected to rise for festival and wedding season when consumption of fried items generally gains. Export demand for Indian soymeal may rise as meal is disparity of $35 per tons as compared to Argentine soymeal. Large supply estimate of South America with good Indian oilseeds crop led the domestic soyoil price under pressure. 

According to sources, inventories with traders and stockiest is sufficient and they have opted to buy as per requirements to cater retail demand. Meanwhile, government lowered the base import price of crude soyoil by $21 to $784 per tonnes for first half of April which may pressurize edible oil. There is expectations of bumper oilseeds output and higher availability of edible oil in the country.

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