Ref Soyaoil On NCDEX Settled Up By 0.36% At 625.35

Ref Soyaoil on NCDEX settled up by 0.36% at 625.35 on short covering after prices dropped amid robust supply in local market along with lower tariff rates. According to USDA's WASDE April'17 report, globally soyoil production is rising by 0.16% on month. The estimated increase in Brazil and Argentina soyoil output is 1.4% and 0.29% respectively. Moreover, according to market participant import of soybean oil for May is in parity of Rs 28-30 per 10 kilogram which will further put pressure on soy oil prices. 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

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