Soybean futures drops on global cue

Soybean prices slipped by Rs 36 to Rs 3,448 per quintal in future trading today as all round selling by traders pressurised by reports of bumper crops production in U.S.
Market players said traders were reducing their bets, driven by reports of record soybean crop production in United States.
At the National Commodity and Derivative Exchange counter, soybean delivery for second contract November declined by Rs 36 or 1.03 per cent to Rs 3,448 per quintal, having an open interest of 54,890 lots.
Meanwhile, most active first contract October delivery receded by Rs 26, or 0.75 per cent to Rs 3,445 per quintal, with an open interest of 60,780 lots.

All active five contracts were trading lower on heavy selling by speculators.