NCDEX Soybeans futures soared today, gaining good ground particularly for the benchmark futures as extremely positive undertone in the crude oil prices kept the momentum positive.
The global cues in the oilseeds markets also remained favorable and though the khariff sowing in the major producing states has kicked off to a wonderful effect, the prices are staying high though a lot of profit booking has emerged in the commodity today. In Maharshatra, till 20 June, the area under Soybean was 89606 hectares, up 6.2 % as higher prices prompted farmers to sow more of the oilseed.
The NCDEX Soya Bean futures are trading in a jubilant manner today. The Aug 08 contract trades at 2655.5 Rs/Quintal, after hitting a high of 2660 Rs/Quintal. The contract added Rs22 or 0.84 percent during the session and dropped 5.74 percent in the open interest, which stood at 47990 lots as against 50910 lots yesterday.
The near month Jul 08 contract trades at 2672 Rs/Quintal, up Rs 7 or 0.26 percent during the session.
