Ref Soyaoil On NCDEX Settled Down By -0.73% At 617.3



Ref Soyaoil on NCDEX settled down by -0.73% at 617.3 tracking global cues amid oversupply woes. India's soyoil imports during April declined by 12.42% to 304,942 tons as compared to 348,195 tons for the same period a year ago, the Solvent Extractors Association (SEA) of India showed. Meanwhile, World soybean oil inventories as percentage of use will fall for a third straight year to the lowest since 1977 in the season that begins Oct. 1, USDA forecast on May 10.

Crude oil tops $50/bbl, boosting demand prospects for fuel made from Veg oils. Soybean oil's share of crushing margin rose to 35%, highest since Jan 12 Soy oil end stocks fell in US in April on lower production of soy oil due to lower crush of soybean is bullish for soy oil prices in medium term. U.S. oil inventories at the end of April fell 11% year on year. Soybean-oil inventories at end of April were 1.725b lbs, compared with 1.943b a year earlier.

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