Ref Soyaoil On NCDEX Settled Up By 0.19% At 647

Ref Soyaoil on NCDEX settled up by 0.19% at 647 tracking firmness in spot demand on anticipation of hike in import duty. 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.

United State Department of Agriculture (USDA) further lowered the crop conditions of soy crop. U.S. soybean crop condition was 64% good-excellent last week compared to 66% in prior week. 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 months. Base import prices of edible oils are revised every fortnight, based on global prices and changes in foreign exchange rate.

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