Soybean futures traded marginally higher on NCDEX as speculators enlarged their positions on reports of lower sowing compared to last year. The area under the crop fell as some farmers are shifting to more profitable crops such as cotton, as oilseeds fetched poor returns last season. Further, expectation of good crushing demand on reports of hike in import too supported soybean prices.
The contract for August delivery was trading at Rs 3064.00, up by 0.2% or Rs 6.00 from its previous closing of Rs 3058.00. The open interest of the contract stood at 62900 lots.
The contract for October delivery was trading at Rs 3200.00, up by 0.16% or Rs 5.00 from its previous closing of Rs 3195.00. The open interest of the contract stood at 36650 lots on NCDEX.