Soybean futures soar 3 pc to hit upper circuit

Soybean prices jumped Rs 113 or over 3 per cent to hit their daily upper limit today, continuing the winning run for a third session on firm spot demand and strong global advices.
At the National Commodity and Derivative Exchange counter, the current month contract of soybean jumped Rs 113 or 3.01 per cent to Rs 3,863 per quintal with business turnover of 19,700 lots.
The March month contract also rose by Rs 108 or 2.85 per cent to Rs 3,898 per quintal with an open interest of 2,76,460 lots.
All ruling five contracts were prevailing over 2.56 per cent on immense buying by operators.

Sustained buying by investors after tight stocks position and brisk demand in spot markets have fueled soybean futures prices, analysts said.
The Soybean Processors' Association of India has cut down the crop output to 83.5 lakh tonnes from previous estimate of 91.46 lakh tonnes in October 2017 due to expected fall the futures prices, they added.
Soyabean prices have surged nearly 18 per cent in physical markets since January 1 on low production prospects.