Soybean futures dip on soft demand

New Delhi, Mar 16 () Soybean prices on Monday fell 1.79 per cent to Rs 3,408 per quintal in futures market as participants cut down their positions on weak spot demand.

On the National Commodity and Derivatives Exchange, soybean contracts for March delivery dropped by Rs 62, or 1.79 per cent, to Rs 3,408 per quintal with an open interest of 8,800 lots.

Soybean for April delivery also eased by Rs 36, or 1.05 per cent, to Rs 3,398 per quintal with an open interest of 1,28,005 lots.

The fall in soybean prices in futures trade was mostly due to reduction of exposure by participants, marketmen said. VHP SHWSHW