Ref Soyaoil On NCDEX Settled Down By -0.58% At 624.4

Ref Soyaoil on NCDEX settled down by -0.58% at 624.4 amid adequate supplies of edible oil including soyoil in the domestic market. As per NOPA its members crushed 149.246 million bushels during May’17, the second busiest May on record and up from 139.134 million bushels in April’17. A year ago, the May’16 crush was 152.280 million bushels. Also Soyoil stocks as of 31st May’17 rose to 1.749 billion lbs from 1.725 billion lbs at the end of April’17. NOPA reported soyoil stocks of 1.994 billion lbs at the end of May 2016’17.

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.

However, as per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 45,500 hectare till June 16 compared to 101,000 hectare sown during the same period a year ago. Edible oil prices have increase over the week on anticipation that Government may increase import duty but government has no plans to raise import duty at this moment.

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