Soybean futures drop on weak global cues

Soybean prices fell by Rs 54 to Rs 3,708 per quintal in futures trade today as participants reduced their exposure, tracking a weak trend overseas.
Marketmen said cutting of bets by speculators on weak cues from the global market weighed on soybean futures here.
At the National Commodity and Derivative Exchange, soybean for March contracts drifted lower by Rs 54, or 1.44 per cent, to Rs 3,708 per quintal, with the business turnover of 2,11,790 open interest lots.
Similarly, the delivery for April contracts was trading lower by Rs 54, or 1.42 per cent, at Rs 3,759 per quintal with an open interest of 1,01,330 lots.