Soybean futures traded higher on NCDEX on expectation of better demand for crushing from oil mills as government is planning to hike import duties of soft oil - soy oil, rapeoil and sunflower oil. Further, diminishing arrivals from the major producing belts also supporting soybean prices' uptrend. Meanwhile, US soybeans also gained after Washington and Beijing agreed to drop tariff threats, easing fears about demand for US shipments in top importer China.
The contract for June delivery was trading at Rs 3793.00, up by 0.45% or Rs 17.00 from its previous closing of Rs 3776.00. The open interest of the contract stood at 148590 lots.
The contract for July delivery was trading at Rs 3825.00, up by 0.55% or Rs 21.00 from its previous closing of Rs 3804.00. The open interest of the contract stood at 50150 lots on NCDEX.