Indian wheat futures firmed on Wednesday as doubts persisted over delivery of delayed import shipments from Australia, while soya oil gained in line with global trends.
Sugar climbed on demand from ice cream and cold drink makers, with temperatures rising in the summer. The June wheat contract on the National Commodities and Derivatives Exchange (NCDEX) rose 9.60 rupees to 900.40.
At (MCX), the June contract was up 9.50 rupees at 902. "The delay in resolving differences with Australia over contract specifications on wheat is firming up the market," said one grains broker.
Wheat futures have been rising over the past one-month, as supplies to the market have been low with farmers sitting on their produce in anticipation of higher prices. Soya oil futures gained slightly in line with higher soya prices at the Chicago Board of Trade.
The June soya oil contract at the NCDEX was up 1.50 rupees at 418.90 per 10 kg, while the June contract at the MCX gained 1.25 rupees to 424.60.
Sugar rose on higher demand during the summer months. The June sugar contract on the NCDEX was 2 rupees up at 1,975 per 100 kg, while the contract for the same month at the MCX was 3 rupees up at 1,981.
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