Ref Soyaoil On NCDEX Settled Down By -0.14% At 626.45

Ref Soyaoil on NCDEX settled down by -0.14% at 626.45 as there is still good domestic supplies due to imports and good domestic crushing. However downside seen limited on expectation of improving physical demand in coming months. The Solvent Extractors' Association of India (SEA) has estimated higher oilseeds crop for the rabi season of 2016-17. SEA estimates put rabi oilseeds production at 91.76 lakh tonnes against 77.41 lakh tonnes last year, up 18.5 per cent on year-on-year basis. The yield is expected to be better at 998 kg per hectare against 903 kg per hectare last year. The total area under oilseeds is seen higher by 7 per cent to 91.90 lakh hectares against 85.77 lakh hectares in 2015-16. Another data released by Celeres, soybean farmers in Brazil, the world's second biggest bean producer, completed 94.8% of bean harvesting as of April 28 compared to 93% a week earlier. It is marginally lower compared to prior-five year average of 95.3%.

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