Soybean futures up on spot demand

Soybean prices inched up by Rs 16 to Rs 3,803 per quintal in futures trade Tuesday supported by a strong spot demand. Marketmen said, widening of portfolios by investors mainly gave a push to soybean prices at futures trade. However, the weather forecast capped the gains.

"The prices have been under pressure due to the forecast of near-normal monsoon forecast by IMD," said a report by Angel Broking. At the National Commodity and Derivatives Exchange, soybean to be delivered in July moved up by Rs 16, or 0.42 per cent, to Rs 3,803 per quintal with an open interest of 2,590 lots.