NCDEX soybean down over 1% on weak spot prices.

Futures contracts of soybean are trading over 1% lower on the NCDEX, tracking the weakness in the wholesale markets. The most active June soybean contract traded at 2,826 rupees per 100 kg, down 1.5% from the previous close. The prices fell as the market saw arrivals of 110,000 bags (1bag=100kg) of soybean, up from 100,000 bags on previous close. Farmers brought more of the oilseed to the market as they expected prices to fall below current levels due to likely normal monsoon rains. Going by the current trend, spot prices may fall in the next couple of weeks.