Ref Soyaoil On NCDEX Settled Up By 0.15% At 643.35

Ref Soyaoil on NCDEX settled up by 0.15% at 643.35 on short covering after prices dropped on higher stockpiles in domestic market and weak demand. Around 160,000 tons of soyoil stocks were at various ports of the country, data released by Solvent Extractors Association showed. Total stock of edible oil at ports and in pipelines increased to 2.27 million tons from 2.16 million tons in June 2017. India's monthly requirement is about 1.750 million tons and operates at 30 days’ stock against which currently holding stock over 2.278 million tons equal to 39 days requirements.

According to NOPA, 138.074 million bushels soybean was crushed in June 2017 compared to 149.246 million bushels previous month. Soymeal exports during the month declined to 562,684 tons compared to 592,924 tons in May and 594,710 tons a year earlier. Soy oil stocks as of June 30, fell to 1.703 billion pounds from 1.749 billion at the end of May. NOPA reported soy oil stocks of 1.985 billion pounds at the end of June 2016. India's imports of vegetable oils increased by 15 per cent in June at 13.44 lakh tonnes, according to industry data.

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