Soybean prices dropped by Rs 29 to Rs 2,924 per quintal in futures trading today as traders were liquidating bets in line with weak overseas market cues.
Market players said, traders were lowering exposures in line with reports of bumper harvests in South America and record US plantings, mainly influenced trading sentiments in futures trading.
At the National Commodity and Derivatives Exchange, soybean for April delivery dipped by Rs 29, or 0.98 per cent, to Rs 2,924 per quintal, with an open interest of 1,83,480 lots.
The delivery for May declined by Rs 23, or 0.76 per cent, to Rs 3,018 per quintal, in an open interest of 75,170 lots.
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