Ref Soyaoil On NCDEX Settled Up By 0.87% At 647.5

Ref Soyaoil on NCDEX settled up by 0.87% at 647.5 tracking firmness in spot demand and soyabean prices amid weak sowing data and lower arrivals in the local mandis. Further, area under soybean crop across for the 2017-18 kharif slipped to 1.558 million hectares till June 30, down around 19% on year. Last year, the acreages were 1.892 million hectares. The USDA in its report showed soybean stocks at 963 million bushels, below an average of trade expectations.

The USDA put US 2017 soybean plantings at 89.513 million acres, up from its March forecast of 89.482 million but below an average of trade expectations for 89.750 million. Further, higher demand in the export market also kept bean prices up. The USDA reported export sales of US soybeans in the latest week at 312,400 tons for 2016-17 were up noticeably from the previous week and up 2% from the prior 4-week average.

India's government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels. Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months due to bumper global production.

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