Ref Soyaoil On NCDEX Settled Up By 0.53% At 631.85

Ref Soyaoil on NCDEX settled up by 0.53% at 631.85 tracking firmness in other oilseed counters on reports that SEA of India demands immediate hike in edible oil import duty. The Solvent Extractors' Association of India has urged the government to raise import duty on edible oils to check the fall in domestic prices and support farmers, the association said. The SEA has asked the government to increase the import duty on crude palm oil and soft oils to 20% from the existing 7.5% and 12.5%, respectively.

It has also asked for a hike in import duty on palmolein and other refined oils to 35% from the current level of 15% and 20%, respectively. Prices of oilseeds have fallen to a five-year low and oilseeds are being sold below the minimum support price in wholesale markets. If no action is taken, farmers would be discouraged to cultivate the oilseeds this year, the association said. Sowing of oilseeds in the kharif season in the country was up 43.2% on year at 79,400 ha as on now, data released by the farm ministry showed.

Kharif oilseeds sowing has commenced in Karnataka, Assam, Arunachal Pradesh, Tamil Nadu, and Odisha, the report said. 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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 620 Rupees per 10 kgs

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