Ref.Soyaoil market update

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Ref.Soyaoil on NCDEX settled up by 0.38% at 655.85 on short covering after prices dropped on fear of lower demand. India 2016-17 edible production may rise 20% on favourable weather condition this year. Domestic edible oil production 2016-2017 is seen at 6.97 million tons compared to 5.82 million tons last year. Edible oil consumption to rise by 6% to 22.15 million tons in the year while imports are expected to increase by nearly 7% to 15.48 million tons compared to 14.58 million tons in the year ago period. Kharif and Rabi production of these oilseeds at 23.43 million ton compared to 5.72 million ton a year ago.

U.S. soy processors crushed 2.6 percent fewer beans in August than a year ago and the pace fell below market expectations due to declines at plants in the Southwest, the National Oilseed Processors Association (NOPA) said.

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Trading Ideas:

Ref.Soya oil trading range for the day is 650-660.

Ref soyoil prices ended with gains on short covering after prices dropped on fear of lower demand.

India 2016-17 edible production may rise 20% on favourable weather condition this year.

U.S. soy processors crushed 2.6 percent fewer beans in August than a year ago and the pace fell below market expectations.

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