Soybean prices drifted lower by 0.26 per cent to Rs 3,466 per quintal in futures market today as speculators cut bets, taking negative cues from spot market on low demand.
At the National Commodity and Derivatives Exchange, soybean delivery for delivery in July declined by Rs 9, or 0.26 per cent, to Rs 3,466 per quintal with an open interest of 1,22,640 lots.
Likewise, the oil for delivery in October contracts shed Rs 5, or 0.15 per cent, to Rs 3,397 per quintal in 11,220 lots.
Analysts attributed the weakness in soybean futures to offloading of positions by traders due to subdued demand in the physical market.
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