Ref Soyaoil On NCDEX Settled Up By 1.39% At 628.55



Ref Soyaoil on NCDEX settled up by 1.39% at 628.55 tracking firmness in spot demand and other oilseed counters. Soyoil's premium over palm oil at $104 per ton compared to average of $102 per tons over past year has led the demand to shift on palm oil. Further, import of soybean oil for July is above parity of Rs 4 per 10 kilogram compared to soy oil prices on NCDEX which indicates oversupply situation.

However, government hiked base import duty for soyoil to $811 per tons as compared to $793 per tons, this may trimmed imports. Meanwhile, soyoil end stocks fell in US in April on lower production of soy oil due to lower crush of soybean is bullish for soy oil prices in medium term. US oil inventories at the end of April fell 11% year on year. Soyoil inventories at end of April were 1.725 billion lbs compared with 1.943 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. 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.

Technically market is under fresh buying as market has witnessed gain in open interest by 1.18% to settled at 48860 while prices up 8.6 rupees, now Ref.Soya oil is getting support at 622 and below same could see a test of 615 level, And resistance is now likely to be seen at 633, a move above could see prices testing 637.

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