Ref Soyaoil On NCDEX Settled Up By 0.7% At 623.25

Ref Soyaoil on NCDEX settled up by 0.7% at 623.25 on short covering as there is steady demand in the domestic market from the stockists but there are sufficient stocks in the domestic market. As per SEA data, soy oil imports for March down more than 28.5% Y/Y to 2.3 lt and down 8.7 lt m/m. Meanwhile, government lowered base import price for the fifth consecutive fortnight for crude soyoil by $14 to $770 per tonnes for second half of April. 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.

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