Soybean futures remain down on weak global cues

Soybean prices fell by another Rs 42 to Rs 3,557 per quintal in futures trade today on renewed selling by speculators in tune with weak cues from domestic spot as well as overseas markets.

Market players attributed the persistent fall in soybean prices in futures market to ample stock position in the spot markets on steady inflow of supplies against reduced demand and weak trend overseas.

Besides, reports of normal monsoon and expectations of improved sowing too weighed on soybean prices, they quoted.

At the National Commodity and Derivatives Exchange, soybean to be delivered in July contracts fell by Rs 42, or 1.17 per cent, to Rs 3,557 per quintal with an open interest of 76,340 lots.

Soybean for the delivery in June contracts also declined by Rs 39, or 1.09 per cent, to Rs 3,532 per quintal with a business turnover of 1,20,690 open lots.