Ref Soyaoil On NCDEX Settled Up By 0.39% At 636.65

Ref Soyaoil on NCDEX settled up by 0.39% at 636.65 on short covering amid global supply worries. Processing by members of the National Oilseed Processors Association is expected to fell to 143.893 million bushels from 152.82 million bushels a same period a year ago, Bloomberg reported citing average estimates of seven analysts surveyed showed. Soybean-oil reserves at the end of May is expected to fell 14% to 1.71 billion lbs from 1.994 billion lb a year earlier, report said. NOPA is set to release report on June 15.

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. Global oilseed production changes for 2016/17 include higher soybean production in Brazil and Argentina and higher peanut production in India.

Global soybean production is raised 3.3 million tons to 351.3 million. The Brazil soybean crop is projected up 2.4 million tons to 114.0 million reflecting increased yields in more recently harvested areas, particularly Rio Grande do Sul. With higher global production in 2016/17, the beginning stocks for 2017/18 are raised 3.1 million tons to 93.2 million.

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