Soybean futures weaken on profit-booking

Soybean prices drifted lower by Rs 32 to Rs 3,092 per quintal in futures trading today as traders indulged in trimming their bets to book profits amid weak overseas cues and a subdued trend at the domestic physical markets.
Marketmen said besides a weak trend in global markets, profit-booking at existing levels by speculators let to the fall in soybean prices at futures trade here.
Besides, slackness in demand from vanaspati oil units at spot markets too weighed on prices, they added.
At the National Commodity and Derivatives Exchange, soybean for delivery in current month slipped by Rs 32 or 1.02 per cent to Rs 3,092 per quintal, clocking an open interest of 6,670 lots.

While, soybean for February dropped by Rs 17, or 0.54 per cent to Rs 3,142 per quintal, with a business turnover of 1,55,720 open lots.