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Soybean futures edge lower on NCDEX

Soybean futures edged lower on NCDEX, as speculators trimmed their position as area under soybean increased. As per the report, area under soybean in the country increased by 10.6% at 10.9 lakh ha as of last week compared to last year sowing. Meanwhile, US Soybean prices too declined at overseas market, but losses were limited by concerns over US crop condition and expectations of China's return to the market.

The contract for October delivery was trading at Rs 3377.00, down by 0.47% or Rs 16.00 from its previous closing of Rs 3393.00. The open interest of the contract stood at 53230 lots.

The contract for November delivery was trading at Rs 3370.00, down by 0.62% or Rs 21.00 from its previous closing of Rs 3391.00. The open interest of the contract stood at 23640 lots on NCDEX.

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