Indian wheat and soyaoil futures fall, gold up

Indian wheat futures fell on Monday, after rising most of last week, while gold prices rose in line with global markets, brokers said. Soyaoil slipped with soyabean arrivals picking up and sugar was steady amid demand for India's October-November festival season.
The October wheat contract at the National Commodities and Derivatives Exchange (NCDEX) was down 1.20 rupees to 797.60 rupees per 100 kg, though it appeared to be merely pausing for breath.
"Wheat prices will go up because government's stocks are coming down and consumption is rising," one New Delhi-based trader said. The Food Ministry said, as of September 1, India had 11.3 million tonnes of wheat and 7.07 million tonnes of rice.
Indians tend to consume about 1.5 million tonnes of wheat a month but consumption increases in the north in the winter months, beginning November.
Indian gold futures rose as the yellow metal nudged higher in Asia on Monday, hovering around an 18-year peak on continued support from inflation worries and steady physical demand, but trade was thin due to holidays in Japan and the United States.
Spot bullion was $477.25/477.95 an ounce, up from $473.80/474.50 in late New York trade on Friday. On Friday, US gold futures also finished at their highest close in nearly 18 years, boosted by investment and safe-haven buying amid jitters over the threat of attacks in New York, dealers said.
December gold at India's Mullet Commodity Exchange (MCX) rose 57 rupees to 6,893 rupees per 10 grams, while February gold gained 54 rupees to 6,915 rupees.
Soyaoil prices were under pressure from increased arrivals of the domestic soyabean crop. "Soyabean arrivals are picking up, the prices will remain at lower levels," one trader from Indoor said.
Dealers said soyabean arrivals are expected to rise to 200,000 bags of 90 kg each in the coming weeks, from 150,000 bags now. October soyaoil at the MCX was down 2.75 rupees per 10 kg to 358.50 rupees.
The October contract at the NCDEX fell 2.25 rupees to 359.55 rupees. Sugar futures were steady because physical demand is picking up in the festival season. October sugar at the NCDEX was unchanged from the previous close of 1,834 rupees per 100 kg, while the November contract was up 1 rupee at 1,796 rupees.