Soybean futures rise on fresh bets

Soybean prices on Wednesday rose by Rs 50 to Rs 4,407 per quintal in futures market as traders created fresh positions tracking positive spot demand.

On the National Commodity and Derivatives Exchange, soybean for December delivery gained Rs 50, or 1.15 per cent, to Rs 4,407 per quintal with an open interest of 1,50,130 lots.

Likewise, soybean for January delivery traded higher by Rs 53, or 1.22 per cent, to Rs 4,414 per quintal with an open interest of 97,025 lots.

Marketmen said raising of fresh positions by speculators on the back of higher demand mainly led to the rise in soybean prices.