Ref Soyaoil On NCDEX Settled Down By -0.59% At 647.1

Ref Soyaoil on NCDEX settled down by -0.59% at 647.1 tracking weakness in spot demand amid over supply worries. However, downside seen limited on anticipation of increase in import duty. Government is likely to increase the import duty on edible oils by mid-July in view of the sharp fall in domestic oilseed prices. There is an anticipation of good domestic demand of edible oil during the monsoon season. The base import price of crude soyoil has been cut by $9 to $803 per tonne for the first half of July.

This is the first cut in tariff value in two month. Base import prices of edible oils are revised every fortnight, based on global prices and changes in foreign exchange rate. The prices were last revised on Jun 15. As per SEA, the import volume is down by about 30% for the period from Nov-May to 16.10 lt compared to 24.22 lt last year for same period. 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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