Soybean futures fall on global cues

Tracking a weak trend overseas, soyabean prices were down by Rs 43 to Rs 3,076 per quintal in futures trading today, as participants lightened their positions.
Besides, low demand at the physical market weighed on soybean prices.
At the National Commodity and Derivatives Exchange, soybean for delivery in October dropped by Rs 43, or 1.38 per cent to Rs 3,076 per quintal, with an open interest of 56,260 lots.
Also, delivery in August month fell by Rs 14,or 0.43 per cent to Rs 3,210 per quintal, in an open interest of 12,150 lots.
Marketmen attributed the fall in soyabean prices to a falling trend in global markets where it tumbled to a two-month low after the USDA's estimates for production and yields came in much higher than analysts' expectations.