Ref.Soya Oil Market Update News

 Ref.Soyaoil settled flat on profit booking after prices gained on robust demand in domestic market. Downside was limited as supply tightness in the spot market due to the demonetization has kept the sellers on the sideline. Moreover, World vegetable-oil inventories seen falling 7.1% to 18.07 million tons this year, USDA said while US inventories held by industry processors unexpectedly fell in Oct, NOPA members said Nov. 15. As per NOPA, US soybean crush rises to 164.64 million bushels in October’16 compared to 158.895 million bushels a year earlier.

 India’s rabi oilseeds sowing stood at 5.61 million up from 4.87 million hectare a year on the back of increased acreage of mustard seed, agriculture ministry data showed. The government raised the base import price of all edible oils, according to a notification by the Central Board of Excise and Customs.

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