Indian wheat futures fall on import talk

Indian sugar futures fell on Wednesday due to lack of demand during the monsoon season and wheat slipped on market talk that the government was likely to open grain imports. Gold was down tracking global prices but soya oil rose marginally because of fresh buying interest.
Sugar futures at the National Commodity and Derivatives Exchange (NCDEX) fell, with July down 16 rupees at 1,761 per 100 kg.
September sugar was 11 rupees down to 1,806 rupees. "Demand is low because buying by the cold drink and ice-cream industry has come down due to the rains," one Bombay-based broker said.
Wheat was trading lower on expectations that the government was likely to import because of a shortfall in domestic output. July wheat contract at the NCDEX was 2.00 rupees down to 781.00 rupees per 100 kg. September wheat declined 1.20 rupees to 812.20 rupees. "Buying interest in wheat has gone down as there is a strong rumour that the government will lower duty and start importing," one Ahmedabad-based broker said.