Soybean futures ease on lower global cues

Soybean prices weakened by Rs 26 to Rs 2,870 per quintal in futures trading today as speculators reduced holdings amid subdued overseas markets.

Marketmen said offloading of bets by participants, tracking a weak trend overseas on bumper crops, led to fall in soybean prices at futures trade here.

At the National Commodity and Derivative Exchange, soybean for delivery in May traded lower by Rs 26 or 0.90 per cent to Rs 2,870 per quintal, having an open interest of 40,330 lots.

Also, soybean for most-traded, delivery in June contracts lost Rs 23 or 0.78 per cent to Rs 2,944 per quintal, in an open interest of 1,15,130 lots.