Soybean falls on NCDEX tracking CBOT contracts

Futures contracts of soybean fell on the NCDEX, tracking weakness in bellwether contracts on the CBOT. Soybean contracts on CBOT were down this week as fears of a trade war between the US and China resurfaced, stoking concerns of an oversupply. China is the largest buyer of soybean from the US and has started to source some of its requirement from Brazil, the second largest producer of the oilseed after US. Sowing of soybean may be higher this season compared with a year ago owing to lucrative rates. Lower demand for Indian meal from overseas buyers is also seen weighing on soybean prices.