Soybean futures up on spot demand

Soybean prices rose by Rs 38 to Rs 3,929 per quintal in futures trading on Friday as traders created fresh positions supported by strong spot demand. At the National Commodity and Derivative Exchange, soybean for delivery in September was up by Rs 38 or 0.98 percent at Rs 3,929 per quintal, with an open interest of 6,040 lots.

Soybean for delivery in October month rose by Rs 43 or 1.16 percent to Rs 3,753 per quintal, having an open interest of 46,680 lots. Market players said the rasing of fresh positions by speculators on the back of higher demand mainly led to a rise in soybean prices in futures trading.