Ref Soyaoil On NCDEX Settled Down By -0.68% At 632.2

Ref Soyaoil on NCDEX settled down by -0.68% at 632.2 tracking weakness in spot demand and on profit booking from higher levels. Prices also dropped tracking weakness in soybean prices because farmers, reluctant to sell at "low prices" so far this season, will soon begin liquidating stocks trying to raise money for sowing operations beginning June.

However, good physical demand from the stockists on anticipation of higher intake of edible oil in the country during the next one month capped further loss. Arrivals of soybean during the first 20 days of May is lower compared to last month same period. In May the arrivals have been 1.64 lt while in April it was 1.88 lt. India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive. India may export 1.5 mt of soymeal during the 2016/17 marketing year (Oct-Sep) lower from 2 mt expected in the beginning of the season.

The USDA weekly sowing report says this year’s U.S. soybean planting stayed close to average last week. As of Sunday, 53% of soybeans are planted, compared to 52% typically this time of year, with 19% emerged, compared to 21% normally. According to SEA, during Nov.’16 – Apr.’17, import of soy oil has been lower to 13.50 lt from 22.44 lt in the same period of last year.

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