Soybean prices slumped further by Rs 41 to Rs 2,828 per quintal in futures trading today as traders indulged in trimming their holdings, tracking a weak trend overseas. At the National Commodity and Derivative Exchange, soybean for delivery in most traded June contract plunged by another Rs 41 or 1.43 per cent to Rs 2,828 per quintal, open interest stood at 1,32,140 lots. Also, the delivery in May contracts was trading lower by Rs 35 or 1.24 per cent to Rs 2,790 per quintal, clocking an open interest of 3,010 lots. Marketmen persistent offloading of positions by speculators, triggered by a subdued trend in global market where prices were falling due to bumper crops, led to fall in soybean prices at futures trade here.
Soybean futures extend losses on weak global cues
Press Trust of India |