Indian soyaoil futures rose on an expected delay in the new soyabean crop reaching the market, while wheat traded higher on Friday on the slow pace of import arrivals. Sugar rose on buoyant demand during the religious festival season, when sales of sweets and confectioneries generally rise.
The October soyaoil contract on the Multi Commodity Exchange was up 1.65 rupees at 419.30 rupees per 10 kg while the November contract was at 413.90 rupees, up 2.05 rupees.
"There is a delay in new crops getting into the market, pushing soya futures up" a Mumbai-based trader said. The crops were likely to arrive by November rather than in October. The Indian industry is expecting a soyabean crop of around 7.0 million tonnes this year, almost the same as a year ago. The crop is sown in July and harvested from October.
Wheat futures rose as imports trickled in and failed to bridge a shortfall in supply, the trader said. The October wheat contract on the National Commodity and Derivatives Exchange was 6.80 rupees up at 970.20 rupees per 100 kg, while the November contract was 5.20 rupees higher at 991.80.
India has ordered 5.5 million tonnes of wheat since March, the first imports in six years, following a poor harvest. But only about 1.7 million tonnes have arrived so far.
Sugar futures rose on festival demand, despite projections of a record 23-24 million tonne output during the crushing season that began this month, the trader said. Trade officials estimate India produced 19.5 million tonnes sugar last year. October sugar futures on the NCDEX were up 7.00 rupees at 1,844 rupees per 100 kg, and the November contract was 8.00 rupees higher at 1,784.
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