Ref Soya Oil On NCDEX Settled Up 0.82% At 635.5

Ref.Soya oil on NCDEX settled up 0.82% at 635.5 on buying at lower level and expectation of lower import demand. According to market participant import of soybean oil for May witness lower parity of Rs 2-6 per 10 kilogram in the past five trading session as compared to Rs 10-15 per 10 kilogram reported in the previous week. Prices of the oil will also be up as there is big uncertainty about implementation of GST, due to which traders are offloading their stock on every rise in the domestic market as per trade sources.

According to United States Department of Agriculture (USDA) May estimate, U.S 2016/17 ending stocks of soy oil is fell 2.83 percent to 2,062 million lbs from 2,122 million lbs in March estimate. Opening stocks were unchanged at 1,687 million lbs. Production of soy oil in 2016/17 is decreased to 22,350 million lbs from 22,560 million lbs. Imports in 2016/17 are kept unchanged at 325 million lbs. Biodiesel use in 2016/17 was unchanged at 6,200 million lbs.

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