Ref Soyaoil On NCDEX Settled Up By 0.36% At 621.5

Ref Soyaoil on NCDEX settled up by 0.36% at 621.5 on short covering amid speculation over thin arrivals. However upside seen limited on expectation of bumper output in India and other top producers of the world. 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 in recent period. According to sources, inventories with traders and stockiest is sufficient and they have opted to buy as per requirements to cater retail demand. Soybean arrivals in local mandis during March fell by 23% compared to previous month as farmers were reluctant to sell crops at lower prices, said SOPA in its Estimated Supply & Demand of Soybean and Soybean Meal till March press release.

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