NCDEX soybean hits 3% upper cap as spot supply low

Futures contracts of soybean hit 3% upper limit on NCDEX due to low supply of the commodity in spot markets. The most-active March contract was at 3,668 rupees per 100 kg, up 100 rupees. Gains in soybean contracts on CBOT are also seen supporting domestic oilseed prices. Prices of CBOT soybean rose due to concerns over dry weather in Argentina which may affect output. Oilseed prices in the benchmark market of Indore increased on anticipation of a fall in arrivals in coming days.