Ref Soyaoil On NCDEX Settled Down By -0.09% At 645.8

Ref Soyaoil on NCDEX settled down by -0.09% at 645.8 tracking weakness in spot demand and overseas prices amid profit booking. India's oilmeal exports jumped for a third consecutive month in June by 14% compared to same period a year ago on higher output, good monsoon and price parity, provisional data released by Solvent Extractors Association of India (SEA) showed.

Exports of soymeal during June jumped multi-fold to 41,328 tons as compared to 17,930 tons in the same period a year ago. However, on anticipation of hike in import duty the prices have increase in recent weeks but lower base import prices have put pressure on prices. 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.

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