Ref Soyaoil On NCDEX Settled Up By 0.68% At 651.5

Ref Soyaoil on NCDEX settled up by 0.68% at 651.5 tracking firm soybean prices and anticipation of increase in edible oil import duty. Moreover, expectation of festival demand in coming weeks also supports prices. Earlier, Government has increased soy oil tariff rates for the next fortnight capped further loss. However, higher stock levels in the domestic market is keeping prices under pressure. The base import price of crude soyoil has been hike by $8 to $820 per tonne for the first half of August.

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. India's soybean crop in Madhya Pradesh and Maharashtra is in excellent condition and at flowering stage though the overall acreage has fallen due to late and weak rains, said a senior official.

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