Soybean futures sink on global cues

Soybean prices drifted lower by Rs 42 to Rs 2,868 per quintal in futures trade today as traders preferred to shrink holdings largely dragged down by weakening overseas markets.
At the National Commodity and Derivatives Exchange, soybean for delivery in October dipped by Rs 42, or 1.44 per cent, to Rs 2,868 per quintal, with the business turnover of 28,440 open lots.
Similarly, soybean for the November slipped by Rs 36, or 1.22 per cent, to Rs 2,919 per quintal, in an open interest of 90,340 lots.
According to marketmen, trimming of holdings in sync with weak overseas market trends, led to the fall in soybean prices in futures trade here.