Futures contracts of all components of the edible oil basket fell on domestic exchanges.
Soybean futures on the National Commodity and Derivatives Exchange closed lower due to an increase in area under the crop following adequate rains.
So far, farmers have sown soybean over 11.15 mln ha, up from 11.10 mln ha a year ago, farm ministry data showed. Expectations of higher soybean yields also weighed on prices.
Soybean yields are seen higher this year due to favourable weather conditions in key growing areas. A sharp fall in prices was prevented due to gains in key soybean contracts on Chicago Board of Trade.
Soybean contracts on the American bourse rose after reports of a smaller crop this year in the US. Refined soy oil on the NCDEX and crude palm oil futures on the Multi Commodity Exchange of India fell due to waning demand at higher prices and reports of higher imports of edible oil.
Soybeans were stronger at the close, 9 to 9 1/4 higher. September soybean meal was up $3.10/ton, with soy oil 6 points higher. Money Managers reduced their CFTC net short positions this week to 66,450, a decline of 9%.
This morning to the U.S. Department of Agriculture said private exporters reported export sales of 296,500 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year.
Weekly new Crop sales on Thursday showed strong increases to 817,359 MT, 1.5 times larger than last week and 43% above the same week last year. Basis is sloppy, from -.80 to -1.09 across Iowa, with basis weaker farther West and stronger to the East.