Ref Soyaoil on NCDEX Settled Up By 0.56% At 642.4

Ref Soyaoil on NCDEX settled up by 0.56% at 642.4 tracking firmness in spot demand on low level buying. However upside seen limited due to lower international prices couple with higher stock levels in the domestic market. The base import price of crude soyoil has been hike by $9 to $812 per tonne for the second half of July. 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 Jul 14. 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. According to NOPA, 138.074 million bushels soybean was crushed in June 2017 compared to 149.246 million bushels previous month. It is below expectation of 143.093 million bushels.

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