Edible oil seen down on rise in kharif oilseed sowing.

Futures contracts of all edible oils and oilseeds are expected to fall on domestic exchanges in the week ahead due to pick-up in sowing of kharif oilseeds and plenty of stocks in domestic markets. Contracts of soybean on NCDEX may trade lower due to increased sowing and weak exports of soymeal. India’s acreage under soybean rise 88.2% on year to 0.567 mln ha as sowing picked up in Madhya Pradesh and Maharashtra with the progress of monsoon rains. Any steep fall on Indian bourses would be limited due to likely gains in key contracts of soybean on CBOT. Contracts may rise on CBOT due to reports of poor crop condition in the US. Prices of refined soyoil on the NCDEX and refined, bleached and deodorised palmolein and crude palm oil on the MCX are also likely to decline due to huge stocks in wholesale markets following upbeat imports