Soybean futures tumble on weak global cues

Soybean prices plunged by Rs 40 to Rs 2,945 per quintal in futures trade as participants trimmed bets, taking cues from weak global markets.
At the National Commodity and Derivatives Exchange, soybean for delivery this month declined by Rs 40 or 1.34 per cent to Rs 2,945 per quintal, having an open interest of 37,040 lots.
Soybean for November contracts slackened by Rs 37, or 1.22 per cent, to Rs 2,996 per quintal, having a business turnover of 69,150 open lots.
Market players attributed the fall in soybean futures to offloading of positions by participants, triggered by a weak trend overseas.