Soyabean futures extended their losses for the second consecutive day as investors rushed to book profits. Investors resorted to such action since the percentage of money that has to be paid as margin for buying contracts has been doubled. Also, the Centre’s talk of banning futures trading in some agricultural commodities has triggered panic among some traders.

August contracts, the most-traded among soyabean futures on the National Commodities and Derivatives index, dropped by Rs 45.50 a quintal to Rs 4,508.

October contracts slid by Rs 56 to Rs 4,011, while November contracts were down Rs 37 at Rs 3,795. December contracts slid marginally to Rs 3,836.

From Monday, the NCDEX has doubled the special margin for buying August soyabean contracts to 40 per cent.

According to analysts, the talk by the Union Minister of State for Food, Prof K.V. Thomas, and the Forward Markets Commission Chairman, Mr Ramesh Abhishek, that the panel was keeping a close watch on the price movements on the bourses kept the market on edge.

Also, an empowered Group of Ministers will meet on Tuesday to take stock of the situation arising out of the deficient monsoon. This is also playing on the minds of investors. Rain in the growing areas of Madhya Pradesh, too, aided the bearish trend.

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