Soybean futures surge 3.13% on positive overseas cues

Tracking positive trend overseas and restricted supplies in the domestic spot market, soybean prices spurted by Rs 116 to Rs 3,817 per quintal in futures trade today as participants enlarged positions.
At the National Commodity and Derivative Exchange, soybean to be delivered in March contracts, was trading notably higher by Rs 116, or 3.13 per cent, to Rs 3,817 per quintal, with an open interest of 1,40,520 lots.
Soybean for February contracts also shot up by Rs 106, or 2.89 per cent, to Rs 3,771 per quintal with an open interest of 2,28,810 lots.
Marketmen attributed a steep rise in soybean prices to raising of positions by participants largely in sync with a firm trend in global markets due to robust demand and fall in output due to adverse weather.

Besides, a firm trend in the domestic spot market on thin supplies and pick up in demand fuelled the rising trend, they said.