Ref Soyaoil On NCDEX Settled Down By -0.48% At 636.5

Ref Soyaoil on NCDEX settled down by -0.48% at 636.5 as market participants are concerned over higher global production. According to the Solvent Extractors' Association of India, soyoil prices in the key Indore market have fallen to 600-605 rupees per 10 kg from 700-708 rupees early this year. Adequate availability of imported soyoil in domestic markets also put pressure on prices of domestically-produced cooking oil. India is the world's leading importer of the edible oil.

Apart from the disparity in soyoil prices, weak demand for soymeal from overseas as well as domestic buyers has also made crushing unviable for millers. Madhya Pradesh is the largest producer of the oilseed in the country and accounts for over 50% of total soybean output. India's soyoil imports during the month of May is expected to rise to around 330,000 tons compared to 304,942 tons in April. Soyoil imports during June is seen at 400,000 tons.

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