Soyabean futures slip further on global cues

Soyabean futures prices extended loss by Rs 38.50 to Rs 2,448.50 per quintal in futures trading today, as traders preferred to reduce holdings, driven by a weak overseas cue.

Market analysts said lower global markets trend put pressure on traders to reduce their holdings.

Rise in supply and weakness in demand of soymeal from export houses also influenced the trading sentiments, they added.

At the National Commodity and Derivatives Exchange platform, soyabean price for delivery in mid-March at Indore slided by Rs 38.50 or 1.55 per cent, to Rs 2,448.50 per quintal, with an open interest of 86,350 lots. 

February-month delivery contract plunged by Rs 33.50 or 1.37 per cent, to Rs 2,414 per quintal, with an open interest of 2,54,470 lots.

Current January-month delivery contract shedded Rs 30, or 1.26 per cent to Rs 2,342 per quintal, with an open interest of 1,18,710 lots.