Ref Soyaoil On NCDEX Settled Up By 0.45% At 629.25

Ref Soyaoil on NCDEX settled up by 0.45% at 629.25 tracking firmness in spot demand and overseas prices. There is expectation of improving physical demand in coming months. However, there is still good domestic supplies due to cheap imports and good domestic crushing. Last week, government increases the tariff value for crude soyoil for the first half of May. Base import price of crude soyoil was increased by $10 to $780 per tonnes. 

India’s oilmeals exports for April 2017 increased 19 per cent to 135,474 tonnes as compared to 113,978 tonnes in the corresponding month last year, the latest data shared by the Solvent Extractors’ Association of India (SEA) revealed. AT 1,24,374 tonnes, soybean meal exports held the largest share in overall oilmeal exports from India. Shipments of soyameal and other value-added products in April registered an eight-fold increase as against 12,295 tonnes in the corresponding period last year, according to provisional estimates released by The Soyabean Processors Association of India.

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