NCDEX soybean gives up earlier gains on weak demand

Futures contracts of soybean gave up earlier gains on the NCDEX and fell due to weak buying in spot markets. Soybean futures rose earlier after Finance Minister Arun Jaitley in the Union Budget for 2018-19 (Apr-Mar), announced that minimum support price for rabi and upcoming kharif crops will be 1.5 times higher than the cost of production. The most-active February contract was down 0.6% from previous close.