Indian wheat futures climbed on Friday on supply disruptions caused by floods in the country's south and west. Soya eased in line with global markets while good stocks dragged down sugar. The August wheat contract at the National Commodity and Derivatives Exchange (NCDEX) had risen 4 rupees to 894.20 per 100 kg.
The September contract was 5.20 rupees higher at 921.20. Traders said wheat prices have been rising this week as blocked land routes halted supplies to southern states and hit market arrivals.
"Arrivals of wheat in the northern and central Indian markets have come down because of rains and floods," said one grains broker. "Demand from southern markets and mills and slack market arrivals are keeping the prices firm," another broker said.
Traders said there was also reluctance to build positions ahead of the arrival of several shipments of imported wheat, and with more firms planning overseas purchases. Soya oil fell tracking international markets. Soyabean futures at the Chicago Board of Trade ended near the days lows on Thursday on late fund selling in a thin market, traders said.
The August soya oil contract at the NCDEX was down by 1.10 rupees at 442.20 per 10 kg, while the same month contract at the MCX was 1.60 rupees lower at 438.90.
Sugar futures dipped on good stocks with the mills. "There is a good buffer with the government and the mills which they want to liquidate ahead of the crushing season in October," said one broker.
India is expecting a bumper sugar output of 22.5 million tonnes in the new season. The August sugar contract at the NCDEX was down 7 rupees at 1,901 per 100 kg. The September contract fell 1 rupee to 1,910.
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