MUMBAI (Commodity Online): Soybean futures rose in NCDEX on Saturday on the back of firm demand in the domestic markets and on tracking firm global cues.

In NCDEX soybean April contract is trading at Rs.2982 per quintal, higher by 0.89% on 11:50 IST against the previous close. Open interest of the contract is 184010 lots and volume traded is 69580 lots for the time being.

Oil World reduced its forecast of Argentina's 2012 crop by 0.5 million tonnes to 46.5 million tonnes, down from 49.2 million in 2011. Oil World now estimates global 2011/2012 soybean production will fall to 243.2 million tonnes from 265.8 million tonnes in 2010/11 largely because of the South American dry weather.