Soyabean futures dropped between two per cent and nearly four per cent on Tuesday, taking cues from the global market.
Soyabean contracts in the US had plunged to the permissible limit on Monday on estimates that harvest in the Mid-west, a key producing area, could see better yield than what was anticipated initially.
The counter posted its biggest drop in a day in nearly a year as speculators indulged in panic selling.
In India, soyabean that has been witnessing a rally in the last few months has been a little rangebound in the last couple of weeks mainly in view of rains lashing growing areas in Madhya Pradesh, the oilseed’s hub in the country.
Buoyed by the bullish global market, many growers had opted to sow soyabean, with cotton losing acreage to it in States such as Gujarat, Andhra Pradesh and Maharashtra.
On the National Commodities and Derivatives Exchange, soyabean for October delivery dropped 3.53 per cent or Rs 130.50 to Rs 3,563 a quintal.
November contracts slid 2.92 per cent to Rs 3,503.50, while December were down by 2.78 per cent to Rs 3,544.
January contracts slipped 2.74 per cent to 3,580 and February was quoted lower by 3.23 per cent at 3,620.
November soyabean contracts on the Chicago Board of Trade slid 4 per cent to $16.69 a bushel, almost a month’s low.
In the spot market at Indore, soyabean was quoted at Rs 4,374 a quintal.