Ref Soyaoil On NCDEX Settled Up By 0.64% At 639.55

Ref Soyaoil on NCDEX settled up by 0.64% at 639.55 on higher demand from domestic market. Prices of oil will be up as falling imports last week spurted higher demand in domestic. 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. 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.

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