Soybean futures settled lower on NCDEX the National Commodity and Derivatives Exchange due to hope of higher production in 2019-20 (Jul-Jun) following India Meteorological Department forecast of a “near normal” monsoon.

Higher imports of edible oil in the country also kept soybean prices under pressure. India’s vegetable oil imports rose over 26% on year to 1.45 mln tn in March with a sharp jump in refined, bleached and deodorised palm olein imports, according to the Solvent Extractors’ Association of India.

Soybean futures settled 1 to 1 3/4 cents higher on position squaring ahead of the 3-day holiday weekend. Meal futures were down $.70/ton but May soy oil was 34 points higher (worth almost 4 cents per bushel in product value).

This morning’s weekly USDA Export Sales report confirmed net soybean sales of 382,100 MT for old crop and 21,100 MT for new crop. Meal sales were expected to be 125,000-325,000 MT, with soy oil at 8,000-30,000 MT.

The actual meal bookings were on the high side of expectations at 295,300 MT, with soy oil at 24,200 MT.