Ref Soya Oil On NCDEX Settled Down -0.54% At 618.65

Ref Soya oil on NCDEX settled down -0.54% at 618.65 tracking weakness in soyabean prices and weak demand. Soyoil's premium over palm oil at $104 per ton compared to average of $102 per tons over past year has led the demand to shift on palm oil.

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 million tons of soymeal during the 2016/17 marketing year (Oct-Sep) lower from 2 million tons expected in the beginning of the season. The Soybean Processors Association of India has asked the government to raise import duty on refined and crude soyoil to protect the interest of domestic farmers.

The association has asked the Centre to increase duty on crude soyoil to 37.5% and on refined soyoil to 45% from the current 12.5% and 20% respectively. In April, exports of soymeal were at 111,800 tn, down from about 150,000-240,000 tn a month during Dec-Mar, SOPA said.

According to the association's estimates, India's soybean output in 2016-17 (Jul-Jun) is likely to rise to 11.49 mln tn from 6.93 mln tn in the previous year. India's soyoil imports during the month of May is expected to rise to around 330,000 tons compared to 304,942 tons in April.

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