Ref Soya Oil On NCDEX Settled Down -1.56% At 621.85

Ref Soya oil on NCDEX settled down -1.56% at 621.85 tracking weakness in spot demand and other oilseed counters. However there is good physical demand from the stockists on anticipation of higher intake of edible oil in the country during the next one month. The increase in the tariff value by the government and weakening rupees too supported prices in recent weeks.

Government increases the tariff value for crude soyoil for the second half of May by $13 to $793 per tonnes. Imports of soyoil are lower this oil year starting last November. According to SEA, during Nov.’16 – Apr.’17, import of soy oil has been lower to 13.50 lt from 22.44 lt in the same period of last year.

Moreover, Import of soy oils during April 2017 is reported at 3.04 lt compared to 3.50 lt in April 2016 - down by 12.4% however, the imports increase 32% m-o-m. 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. Soyoil imports during June is seen at 400,000 tons. Due to lower exports of meal and increasing oil imports,

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