Soyabean prices weaken on weak overseas cue

Soyabean prices dropped by Rs 70.50 to Rs 3,300 per quintal in futures trading today on emergence of profit-selling, influenced by weakening spot as well as overseas sentiment.

Marketmen said increased selling by traders in tandem with weak international advices, mainly pulled down prices.

Weak trend in other edible oils prices also effected the trading sentiments, they said.

At the National Commodity and Derivatives Exchange, soybean price for current May month contract tumbled by Rs 70.50, or 2.09%, to Rs 3,300 per quintal, open interest showed of 19,240 lots.

Far August month contract plunged by Rs 51.50, or 1.49%, to Rs.3,397 per quintal, having an open interest of 8,250 lots.

The most active near June month contract slipped by Rs 44, or 1.29%, to Rs 3,355 per quintal in open interest of 1,17,740 lots.