Soybean futures slip on weak spot demand

Soybean prices on Wednesday fell by Rs 22 to Rs 3,806 per quintal in futures market as traders cut down their positions on weak spot demand.

On the National Commodity and Derivatives Exchange, soybean to be delivered in March contracts moved down by Rs 22, or 0.57 per cent, to Rs 3,806 per quintal with an open interest of 1,15,565 lots.

Soybean for delivery in April contracts also eased by Rs 28, or 0.74 per cent, to Rs 3,778 per quintal with an open interest of 1,10,210 lots.

The fall in soybean prices in futures trade was mostly due to reduction of exposure by participants, marketmen said.