Soyabean futures rise on global cues

Soyabean prices rose by Rs 12, or 0.62 per cent, to Rs 1,939.50 per quintal in futures trade today on fresh buying by traders in tandem with a firming trend in overseas markets.     

At the National Commodity and Derivatives Exchange counter, soyabean for July contract rose Rs 12, or 0.62 per cent, to Rs 1,939.50 per quintal, with an open interest of 1,35,330 lots.

Similarly, the commodity for delivery in June contract moved up by Rs 10.50, or 0.53 per cent, to Rs 1,980 per quintal, with a business turnover of 1,18,870 lots. 

Marketmen said fresh buying by traders in tandem with a firming global trend led to a rise in soyabean prices at futures market.

Meanwhile, soybeans gained 0.2 per cent, to $9.4625 a bushel at Chicago. A bushel is the US customary unit of dry volume, equivalent to 4 pecks or 8 gallons.