Soybean rises by 1.2% on global cues

Soybean prices rose by Rs 43.50 to Rs 3,033 per quintal in futures trade today on the back of increased buying by traders, driven by firm overseas markets cues.

     

Marketmen said reports of fall in production in the US, Argentina and Brazil raised hopes of strong export demand, and encouraged speculators to enlarge thier positions in futures trade.

     

At the National Commodity and Derivatives Exchange, soybean for October contract climbed up by Rs.43.50, or 1.46% to Rs.3,033 per quintal, having an open interest of 81,270 lots.

 

Near November contract rose by a similar margins of Rs 43.50, or 1.45% to Rs.3,041 per quintal, showing an open interest of 71,790 lots.