Futures contracts of all components of the edible oil basket are likely to ease on the domestic exchanges in the coming week.
Soybean contracts are expected to fall on the National Commodity and Derivatives Exchange due to subdued demand from crushing plants.
Likely weakness in the key soybean contracts on the Chicago Board of Trade may also weigh on domestic sentiment.
Soybean prices are seen weak on the American bourse due to persisting US-China trade issues and rising stocks in the US. China is the biggest importer of soybean, while the US is the world’s top grower.
Arrival of fresh soybean crop in Latin American countries may also keep the prices in check.
Soybean futures ended the session with most contracts 3 to 4 1/4 cents higher. Meal futures were up $1.90/ton in the nearby contract, with soy oil down 9 points.
March futures expire tomorrow. US soybean producers are projected to plant 84.263 million acres this spring according to an Allendale survey.
USDA will release the annual Prospective Plantings report on March 29. Analysts expect USDA to show 1.2-1.9 MMT in 18/19 soybean export bookings for the week of 3/7, with 0-150,000 MT for 19/20.
Soy meal is seen at 50,000-300,000 MT, with 5,000-20,000 MT for soy oil.