Soybean futures remain lower on weak global cues

Soybean prices dropped further by Rs 20 to Rs 2,877 per quintal in futures trading today after participants trimmed positions, tracking a weak trend in the overseas markets.

At the National Commodity and Derivatives Exchange, soybean for delivery in March dipped by Rs 20, or 0.69 per cent, to Rs 2,677 per quintal, with an open interest of 2,00,040 lots.

Also, soybean for delivery in far-month April fell by Rs 20, or 0.68 per cent, to Rs 2,942 per quintal, in an open interest of 1,12,360 lots.

Marketmen said fall in soybean prices was mostly attributed to offloading of positions by speculators, tracking a weak trend in global markets.
 

Besides, weakness in other edible oil prices also kept traders sideline, they added.