Ref Soyaoil On NCDEX Settled Down By -0.1% At 618.9

Ref Soyaoil on NCDEX settled down by -0.1% at 618.9 tracking weakness in spot demand and other oilseed counters after IMD predicted 2017 normal monsoon rains. Higher import parity in domestic market indicating robust import for April month which may lead to higher stockpiles. A monthly report showed that U.S. processors crushed fewer soybeans than expected during March. The National Oilseed Processors Association said its members crushed 153.060 million bushels during March, up from 142.792 million bushels in February. But a year ago, the March crush totalled 156.690 million bushels. 

India's edible oil imports fell a little over 7% on year to 1.10 mln tn in March, according to data from Solvent Extractors' Association of India. In March, overall imports of vegetable oils--comprising edible and non-edible oils--were at 1.11 mln tn compared with 1.19 mln tn a year ago. During Nov-Mar, the country imported 5.7 mln tn of edible oils, down from 6.3 mln tn a year ago. Total imports have declined this year because of a larger crop of oilseeds and consequent higher availability of edible oils, SEA said in a report. A slowdown in consumption growth has also kept imports under check.

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