Soybean futures extend gains

Soybean prices went up by another Rs 18 to Rs 3,203 per quintal in futures trading today as speculators expanded their position, tracking a firm trend at the physical markets.
Positive global cues too influenced the sentiments.
At the National Commodity and Derivative Exchange, soybean for delivery in most-traded February contracts surged by Rs 18 or 0.57 per cent to Rs 3,203 per quintal, with an open interest of 1,53,590 lots.
Soyabean for delivery in January also moved up by Rs 16 or 0.51 per cent to Rs 3,146 per quintal, having an open interest of 7,590 lots.
Marketmen said the rise in soybean prices at futures trade was mostly attributed to a firm trend at the domestic spot markets on strong demand amid tight supplies from growing regions.

Besides, they added, a firm trend overseas supported the upside.