Ref Soyaoil On NCDEX Settled Up By 0.88% At 618.7

Ref Soyaoil on NCDEX settled up by 0.88% at 618.7 on short covering after prices recently dropped on higher tariff value and oversupply. The Solvent Extractors Association of India in its oilseed estimates report said India 2016-17 Soybean crop output increased to 10.575 million tons compared to 7.210 million tons during last year. 

There is still good domestic supplies and steady demand is pressurizing prices. 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. As per SEA data, soy oil imports for March down more that 28.5% Y/Y to 2.3 lt and down 8.7 lt m/m. The India Meteorological Department’s (IMD) prediction of a normal monsoon this year has brought cheer to the farming community, especially in the oilseeds sector, which is highly dependent on edible oil imports. Based on the Met department’s projections, the oil industry body expects another year of robust oilseeds production in the coming kharif season.

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