Soybean futures expected to trade sideways in coming days due to lower physical demand by the oil mills.

However, higher production and increase edible oil imports will put extra pressure on Oilseeds at higher levels.

NCDEX Jun Soybean closed higher but traded in a range for this week to close at 3,721 rupees per 100 kg. This year soybean area may be higher as prices are higher than MSP of 3399 rupees per 100 kg.

Soybean futures closed Friday with the front months 8 to 8 1/4 cents higher. July soy meal was up $3.30/ton, with soybean oil 23 points in the green.

Support was from spillover from the grains. The markets will be closed on Monday in observance of the Memorial Day Holiday. As of May 16, US soybean shipments were just 70% of the USDA full year projection, with the average at 88%.

When adding in the unshipped sales, they are 95% of that projection vs. the 98% pace for this time of year.

The managed money spec funds cut back 15,704 contracts from their record large CFTC net short position as of May 21. The specs were still net short 153,131 contracts on that date.