Soybean futures drop on low demand, global cues

Soybean prices dipped by Rs 20 to Rs 2,992 per quintal in futures trading today as traders reduced their positions amid a weak trend at the domestic spot markets on lower demand and weak global cues.
Market players said cutting down of positions by the speculators, taking the weak cues from overseas as well as domestic markets, mainly weighed on prices here in futures trading.
Besides, reports of bumper soybean output in North and Latin America, too kept pressure on prices, they added.
At the National Commodity and Derivative Exchange, soybean for delivery in June slided by Rs 20 or 0.66 per cent to Rs 2,992 per quintal, having an open interest of 82,120 lots.

Also, the most-active May contract of soybean moved down by Rs 19 or 0.65 per cent to Rs 2,921 per quintal, with an open interest of 1,00,240 lots.