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. Meanwhile, US soybeans retreating from an 11-day high as the US Department of Agriculture said planting was progressing ahead of market forecasts, easing fears about possible yield losses.
The contract for June delivery was trading at Rs 3767.00, up by 0.35% or Rs 13.00 from its previous closing of Rs 3754.00. The open interest of the contract stood at 149160 lots.
The contract for July delivery was trading at Rs 3800.00, up by 0.4% or Rs 15.00 from its previous closing of Rs 3785.00. The open interest of the contract stood at 51570 lots on NCDEX.