Indian wheat futures up

Indian wheat futures rose on Monday in line with firm international markets, while soyaoil fell as arrival of the new soyabean crop picked up.
Sugar was weak as festival demand waned. The October wheat contract on the National Commodity and Derivatives Exchange was up 12.20 rupees at 1,055.00 rupees per 100 kg, while the November contract was 9.00 rupees higher at 1,057.00.
Wheat prices have been rising in global markets on concerns about lower crop output in Australia and Europe due to dry weather, a Mumbai-based trader said. Soya futures were down in thin trade, the trader said, adding supplies of soyabean crops were picking up in local markets.
Traditionally, soya futures fall at this time of year as the new winter-harvested soyabean crop arrives in markets. India's soyabean output is likely to be 7 million tonnes this year, almost unchanged from last year. The October soyaoil contract on the NCDEX was down 0.60 rupee at 423.00 rupees per 10 kg, while the November contract was 1.15 rupees lower at 418.80.
Sugar fell after festival demand tapered off, the trader said. "Retailers have already bought the sweetener to meet the festival demand during Dowel and improved supplies have also pulled sugar down," the trader said. October sugar futures on the NCDEX were down 23.00 rupees at 1,797 rupees per 100 kg and the November contract was 10.00 rupees down at 1,766.00.