Soyabean soars Rs 89 per quintal in futures trade

Soybean prices shot up by Rs 89 to Rs 4,257 per quintal in futures trading today as traders indulged in building up their positions, tracking a firm trend overseas.
Besides, strong demand in physical markets from edible oils and other consuming industries also supported the upside in prices.
At the National Commodity and Derivative Exchange, soybean for delivery in May month contracts spurted by Rs 89, or 2.14 per cent to Rs 4,257 per quintal, open interest depicted of 62,010 lots.
Also, delivery in current month contracts edged up by Rs 84, or 2.05 per cent to Rs 4,189 per quintal and open interest stood of 44,190 lots.

Marketmen attributed the rise in soyabean prices to a firming trend in overseas markets and strong demand at the domestic spot markets.