Ref Soyaoil On NCDEX Settled Up By 0.13% At 632.45

Ref Soyaoil on NCDEX settled up by 0.13% at 632.45 on late short covering after prices dropped on weak demand and higher supply. Prices of oil will be under pressure as soyoil's premium over palm oil at $132 per ton compared to average of $103 per tons over past year has led the demand to shift on palm oil. Soyoil prices will also be under pressure after junior food minister CR Chaudhary said that The government has no proposal to hike import tax either on sugar, wheat or edible oils.

Solvent Extractors Association of India (SEA) asked the government to hike import duty on edible oils to protect the interest of farmers as soybean prices are ruling below minimum support price (MSP) due to higher imports of edible oils. India's soyoil imports during May spurted by 91.14% to 340,365 tons compared to 178,064 tons for the same period a year ago, data relesed by the Solvent Extractors Association (SEA) of India showed.

Further, US NOPA May soybean crush declined to 149.246 million bushels processing was lower compared with 152.28 million bushels a year earlier. Soybean-oil inventories at end of May were 1.749 billion lbs compared to 1.994 billion lb a year earlier. 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.

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